Tech

Nigeria’s agri-tech startup Winich Farms raises $3m to expand operations

Published

1 week ago

October 8, 2024

Nigerian agri-tech startup specialized in the supply of farm grain produce to retailers, Winich Farms, has announced raising $3 million in pre-series A funding to expand its operations which include the enhancement of its order fulfillment centers and upgrade of its technology.

The funding round, which was led by Acumen Resilient Agriculture Fund (ARAF), with a contribution of $2.5 million, alongside participation from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, Acasia Ventures, Tekedia Capital and Additio Sahel Capital which provided $590,000 in debt financing, marks the company’s second funding round in two years.

The startup which was founded by brothers Riches and Winner Attai, along with Chichebem Jibunoh, in 2020, connects rural farmers to off-takers, retailers and informal processors, by operating collection points managed by agents who handle orders from off-takers.

“Our growth has largely been driven by the expansion of agents on our platform,” Riches, the CEO of the company said in a statement.

“In 2022, we had approximately 1,000 agents, but by the beginning of 2024, we had grown to over 4,000 agents, quadrupling our capacity. With more agents, we are able to meet demand more efficiently,” he said.

He however, added that company’s current model faces challenges, as its partner farmers are primarily located in northern Nigeria, leading to slower deliveries to more distant regions such as Lagos. Despite this, the agritech company claims to serve over 150,000 users, including farmers, agents, and truck drivers.

“To speed up deliveries for retailers in Lagos, instead of sourcing produce like rice from farmers in faraway Kebbi or Kaduna, we process orders from closer locations such as Ondo State,” explained Riches.

“For example, when a retailer orders 50 kilograms (kg) of rice via the company’s mobile app, the order is relayed to agents for bidding. These agents then coordinate with local farmers in the area to gather the produce, which is transported to collection points and handed over to truck drivers for delivery within 24 to 72 hours.”

“The solution is to establish fulfillment centers. The debt funding will be used to lease buildings that will serve as regional distribution hubs across Nigeria’s six geo-political zones, reducing delivery times for off-takers,” he added.

Related Topics:Agri-Tech Featured Funding Winich Farms

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Tech

Kenya’s auto-tech startup BuuPass expands system to new operators

Published

2 days ago

October 14, 2024

Isaac Dachen

Kenyan auto-tech startup, BuuPass, has announced the expansion of its Bus Management System (BMS) to new operators in a bid to further enhance transparency and operational efficiency for bus companies in the country.

Founded in 2016 by the duo of Sonia Kabra and Wyclife Omondi, BuuPass has grown from a B2B2C mobility marketplace to become a leader in digital ticketing and transportation management solutions that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

“What we are witnessing is nothing short of a digital renaissance in bus operations. Our Bus Management Service isn’t just a tool—it’s the future of this industry,” said Kabra, who doubles as the CEO of the company.

“So far, BuuPass has sold over 16 million travel tickets and generated over US$100 million in total value of goods sold, while it has also taken part in the Google for Startups Accelerator Africa and been backed by the Google for Startups Black Founders Fund. It also acquired counterpart QuickPass earlier this year.

“The BuuPass BMS is designed to address the most pressing challenges faced by bus operators. At its core, the system enhances transparency and control by providing real-time visibility into all aspects of operations, from ticket sales to route performance.

“Among the newly enrolled operators are Abuya, Abandu, Shoreline, and Bin Ibrahim, serving crucial routes such as Nairobi-Garissa, Nairobi-Moyale, Nairobi-Busia, Mombasa-Busia, and Mombasa-Kitui.

“To ensure smooth integration, BuuPass provides these operators with scanning devices, computers, and digital printers, along with comprehensive training for their staff on system usage,” she said.

Tech

Tanzanian fintech Nala secures $40m funding to boost expansion

Published

3 days ago

October 13, 2024

Isaac Dachen

Tanzanian payments platform, Nala, has announced securing $40 million in Series A funding from several global investment firms such as San Francisco-based VC firm, Acrew Capital, DST Global and Amplo, as well as other angel investors, which it says will be used for its global expansion and to strengthen its payment systems across Africa.

The startup which has its headquarters in Kenya, is a fintech that enables seamless money transfers from the UK, US, and the EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Nala’s founder and CEO, Benjamin Fernandes, who announced the new funding in a statement, said it is coming on the heels of a $10 million seed round in 2022 and will further improve the reliability of its African payment systems by establishing its own payment infrastructure.

Fernandes highlighted how the new capital would fast-track the company’s global expansion efforts, focusing on its Nala Money App and its business-to-business (B2B) payment platform, Rafiki API.

“This funding allows us to go beyond remittances and scale beyond Africa, building a comprehensive payments ecosystem. We’re reinvesting to enhance our infrastructure, ensuring affordable, reliable payments for everyone,” Fernandes said.

“With our own payment rails and the growth of our B2B platform Rafiki, we’re not just talking about change – we’re building it. We have bold, ambitious plans, so stay tuned for the next couple of years.

“For the first time, we are profitable and cash flow positive. Our transaction volume has surged 34 times over the last 20 months,” he added.

He noted that the company has expanded from a seven-member team to nearly 100 employees, and is serving nearly 500,000 customers globally.