Nigerian agritech startup ThriveAgric has raised NGN 5.3 B (USD 3.93 M) in the first series of a commercial paper programme that could reach NGN 50 B (USD 37.09 M).

Founded in 2017 by Uka Eje and Ayodeji Arikawe and headquartered in Lagos, Nigeria, the Y Combinator-backed company connects smallholder farmers with financing, inputs and markets.

The oversubscribed Series 1, which exceeded its initial NGN 5 B target, marks ThriveAgric’s first entry into Nigeria’s debt capital markets. The funding will provide working capital to purchase and aggregate produce from farmers and supply food processors and FMCG companies, rather than finance crop production.

ThriveAgric operates across Nigeria, Ghana, Kenya, Uganda and Rwanda, with Nigeria accounting for about 90% of its business. The company serves more than 1.3 million Nigerian farmers.

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