Nigerian agribusiness company raises $17.5m in funding
Agricorp International, a Nigerian based spices producing, processing, and exporting company has raised $17.5 million in series A funding to increase its processing capacity up to 7,000 metric tonnes.
The funding was raised from Vami Nigeria, One Capital LLC and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company. Ernst & Young (Nigeria) served as transaction advisors while Elisio Law Office and Pavestone Legal served as legal advisers.
Founded in 2018 by Kenneth Obiajulu and Wale Omotimirin, Agricorp is contributing to meet the growing demand of spices as an export material. While Nigeria accounts for more than 16% of the global production of ginger, it gets less than 4% of the export market share.
Kenneth Obiajulu, Agricorp’s CEO said, ”We believe that by increasing our capacity to 7,000 tonnes, we will maximise the potential to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian GDP from agriculture, and serve as a worthy model to African youths who aspire to be agribusiness owners. We want to show them it is possible and very rewarding as well.”
According to lead investors, Vami Nigeria, ”We led the round because we saw a clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners. Most importantly, the depth of knowledge, passion, and resilience of the team is unrivaled.”
Samirah Ade-Adebiyi, managing director at AFEX said, ”Our other businesses have transacted with Agricorp on several occasions and have seen the business grow over time. Now, we are committed to providing the working capital they require to scale their operations at any level.”
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