Agricorp International, a Nigeria-based spices producing, processing, and exporting company has raised $17.5 million in pre-series A funding. With this new raise, Agricorp will increase its spices processing capacity up to 7000 metric tonnes (MT), expand into new markets, hire more talents and build more processes that enhance global food systems.
Nigerian-based Vami Farms led the funding round with $11.5 million in equity funding, with support from UAE-based international trade and investment company One Capital and PiggyVest’s holding company, Piggytech Global Limited. AFEX Investment Limited also provided working capital financing to Agricorp. Ernst & Young (Nigeria) served as transaction advisers, while Elisio Law Office and Pavestone Legal served as legal advisers.
Founded in 2018 by Kenneth Obiajulu and Wale Omotimirin, Agricorp supports smallholder farmers with inputs and training on good agronomic practices, and its 0.5MT/hour processing plant in Kaduna, Nigeria processes and packages farm produce for the export market.
A recent report shows that between January and March of this year, agriculture contributed to 22.35% of the total GDP and over 70% of Nigerians engage in the agriculture sector primarily at a subsistence level. But a majority of these farmers are largely undocumented and unbanked, especially farmers who reside in rural communities.