The investment round was led by Acumen Resilient Agriculture Fund (ARAF), contributing $2.5 million, with additional support from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, and Tekedia Capital. Sahel Capital provided $590,000 in debt financing.
Founded in 2020 by brothers Riches and Winner Attai, along with Chichebem Jibunoh, Winich Farms connects rural farmers with retailers and informal processors.
The company operates collection points run by agents who process orders from retailers. Farmers bring their produce to these points for delivery within 24 to 72 hours.
Winich Farms negotiates fair prices for farmers and sells the produce to retailers at slightly marked-up margins. The company claims to process monthly orders worth ₦3.7 billion ($2.2 million) and has grown its gross merchandise value (GMV) by 300% since 2022, reaching $30 million.
“Our growth is driven by the increasing number of agents on our platform,” said co-founder and CEO Riches Attai. The number of agents has quadrupled from 1,000 in 2022 to over 4,000 in 2024, enabling faster order fulfillment.
To address logistical challenges caused by the distance between farmers in northern regions and markets in southern states like Lagos, Winich Farms plans to establish fulfillment centers across Nigeria’s six geopolitical zones. These centers will shorten delivery times for retailers and increase operational efficiency.
In addition to improving its supply chain, Winich Farms offers financial services to farmers by connecting them with credit from financial institutions after completing a minimum of three supply cycles.
The company partners with Sterling Bank to issue Verve cards to underbanked farmers, allowing them to receive payments directly into their accounts. Winich Farms plans to issue 195,000 cards in the coming months.
With the new funding, the agritech startup aims to scale its operations and compete with other players in Africa’s growing agritech market, such as ThriveAgric, AgroMall, and Zowasel.
“Investing in Winich Farms aligns with our mission at ARAF to support smallholder farmers, increase productivity, and ensure sustainable agricultural development and food security,” said Tamer El-Raghy, Managing Director of ARAF.