Nigeria Based Agricorp Raises $17.5 Million Pre-Series A Funding to Enhance Global Food Systems
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 talent 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. AFEX 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.
Photo courtesy of Institute of Tropical Agriculture.