Grace Ashiru
Winich Farms, a Nigerian agritech company specializing in the supply of farm grain produce to retailers, has successfully raised $3 million in pre-series A funding to enhance its order fulfillment centers and upgrade its technology. This marks the company’s second funding round in two years.
The funding round was led by Acumen Resilient Agriculture Fund (ARAF), which contributed $2.5 million, alongside participation from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, Acasia Ventures, and Tekedia Capital. Additionally, 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 to off-takers—retailers and informal processors—by operating collection points managed by agents who handle orders from off-takers.
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.
Winich Farms asserts that it negotiates fair prices with farmers and sells the produce to off-takers at slightly marked-up margins. Currently, the company charges off-takers ₦720 ($0.43) per kg of paddy rice, excluding delivery fees.
Revenue is split into three parts: one portion goes to farmers, another to agents, and the remaining portion is retained by the company.
The company reports processing monthly orders valued at ₦3.7 billion ($2.2 million) and has increased its gross merchandise value (GMV) by 300% since 2022, reaching $30 million.
“Our growth has largely been driven by the expansion of agents on our platform. 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,” said co-founder and CEO Riches Attai.
However, the 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 Attai.
Winich Farms’ 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.
Additionally, Winich Farms offers access to credit by connecting farmers who have completed at least three supply cycles with financial institutions for financing. In partnership with Sterling Bank, the company issues Verve cards to rural, underbanked farmers, enabling payments directly into their bank accounts. The company plans to issue 195,000 cards in the coming months.
The equity funding will be used to enhance the company’s technology and scale its card operations, positioning it to compete in Africa’s growing agritech market alongside other players like ThriveAgric, AgroMall, and Zowasel.
“Investing in Winich Farms aligns with ARAF’s goal of supporting local businesses that empower smallholder farmers, fostering increased productivity, sustainable agricultural development, improved livelihoods, and enhanced food security,” said Tamer El-Raghy, managing director of ARAF.
