This company wants you to get your money to do all the farming labour for you.
The team at Farmcrowdy show up to work everyday with one goal in mind; they want to allow ordinary Nigerians to venture into agriculture, without having to lift a hoe.
This sounds interesting and promising, which is why investors (like Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital and Right-Side Capital) are putting their money in this. There are also angel investors who think this is important, like Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV and Dr. Christof Walter; so they put their money in it.
Onyeka Akumah, Co-Founder and CEO of Farmcrowdy says “Today’s seed announcement is a remarkable milestone for us and Nigeria’s Agritech industry as a whole — especially having just celebrated the anniversary of our first year of operations in November 2017.”
On growth, he said;
“It will allow us to build on our earlier traction as we continue to introduce Nigerians to this exciting new category of partnering with farmers for impact and return. We are happy to amplify our work with the farmers across new states in Nigeria while empowering local farmers by hiring more agriculture technology experts to impart knowledge to ensure best practice in farming methods. We’re thrilled that as a Nigerian startup operating for just over a year, we have a group of investors who share in the vision and mission of Farmcrowdy as much as we do.”
Farmcrowdy makes connecting small scale farmers with sponsors look ridiculously easy. They sponsors get to invest in farm cycles, and a cylce could be anything from 3–5 months in poultry, and 9 months for cassava.
Now because the guys at Farmcrowdy really want their farmers to succeed, they have Technical Field Specialists who also give training on best practices to increase output.
Still on this maximum output hustle, Farmcrowdy works with pre-arranged buyers to help farmers sell their yield faster and earn a decent marging.
40% of the profit from the harvest, plus the initial money they invested in the business. The farmer receives another 40%, while Farmcrowdy gets to keep 20% for the work. Farm sponsors can get between 6–25% returns after harvest depending on the farm type they sponsor.
This whole thing is the brainchild of Onyeka Akumah, and some of the numbers we’ve seen are quite interesting.
1,000: That’s how many unique farm sponsors from Nigerians at home and even in diaspora (US and UK) are already on Farmcrowdy.
2,000: This is the number of small scale farmers that Farmcrowdy has worked with so far.
4,000: This is the incredible amount of farmland that this company has aggregated in 8 states across Nigeria.
250,000: That’s how many organic chickens on Farmcrowdy’s poultry farm cycles.
The entire idea that is Farmcrowdy is disruptive, and this can successfully create a system that gets to empower low-income farmers and also boost food production for Nigeria.
This seed fund will help Farmcrowdy push into 12 more states in Nigeria and work with 4,000 more small-scale farmers. This will also see them hustle to bring their farm followers and sponsors up to 20,000.
This is even more incredible when you realise they’ve only been here from one year.
Farmcrowdy recently launched their first mobile app which provides a ridiculously easy way to actually track farms and activities. With the regular updates, images and farm videos, you won’t find a better way to actually appreciate farming without soiling your hands.
The app has seen close to 5,000 downloads in the 3 weeks since launch, and this could just be the beginning of something important.
Farmcrowdy could just be positioning itself to take on more farm followers and sponsors both locally in Nigeria and globally.
According to Cody Simms, Partner, Techstars Ventures, “Onyeka Akumah and the Farmcrowdy team are changing the global dynamics of farming and agriculture. Techstars is proud and honored to be a continued part of the Farmcrowdy journey via investment from Techstars Ventures, the venture capital arm of Techstars."
"We first met the Farmcrowdy team at Techstars Atlanta in partnership with Cox Enterprises and were immediately impressed by their vision, execution, and the vast scope of their potential impact to the world”.
Cox Enterprises Senior Vice President of Corporate Strategy and Investments Duncan O’Brien adds, “From the moment we encountered Farmcrowdy, we were very impressed with the work that the startup is doing to empower Nigeria’s farmers. As our planet faces drastic population growth and manages scarce resources, investing in sustainable agriculture is a venture that will reap long-term benefits for us all.”
While we watch and hope Farmcrowdy grows even faster, you might want to download the app and give farming a shot, one farmer at a Farmcrowdy time.