Nigerian agritech startup, Winich Farms, has secured a significant boost to its growth plans, closing a mid-6-figure extension to its $3 million pre-Series A round.
The investment, led by an Egyptian venture capital firm, DisrupTech Ventures, speaks volumes about the confidence of international investors in Nigeria’s growing agritech sector.
According to Winich Farms CEO and co-founder, Riches Attai, the partnership was years in the making, with initial conversations with DisrupTech dating back to 2023.
“I had tried to get Malek Sultan [a key partner at DisrupTech] onboard with what we were doing two years ago,” said Attai.
“But one, they weren’t focusing on Sub-Saharan Africa, and two, they were very big on fintech, which was understandable. But DisrupTech remained in our pipeline.”
Back Story
Winich Farms had declined multiple offers from investors for an extension round after its pre-Series A round in October, according to Attai, until DisrupTech’s proposal caught their attention, prompting the startup to secure the mid-6-figure investment.
What next?
Following the extension round, DisrupTech will take a board seat in Winich Farms, alongside Sahel Capital, an existing investor that participated in Winich’s pre-Series A raise.
Sahel Capital brings years of experience investing in Nigeria’s agricultural value chain, while DisrupTech offers a fintech innovation that aligns with Winich’s embedded finance ambitions.
A Fintech-Agritech Fusion Model
The deal made sense for Attai and his team because they were expanding their business model. Attai claims the startup connects smallholder farmers with large-scale offtakers, eliminating exploitative middlemen who underprice produce.
Winich also issues identity-linked cards to farmers, linked to Bank Verification Numbers (BVNs) and stored on a proprietary app. This gives the farmers credit and insurance services from third-party providers.
With this data, the platform can connect farmers to:
- Microloans tailored to seasonal crop cycles
- Weather-indexed insurance products
- Savings tools that align with harvest periods
- Digital payments for real-time transactions with offtakers
Positioning for Nigeria’s Agritech Market
By embedding finance into its supply chain network, Winich isn’t just digitising agriculture, it’s enabling financial inclusion, and fostering a more resilient Nigerian agricultural economy.
The Nigerian agritech market remains largely underserved. As Winich expands access to credit for farmers, experts believe it is well positioned to become a dominant player in the years ahead.
