Winich Farms, a leading provider of food solutions and inventory, has closed a $790,000 seed funding round alongside Founders Factory Africa and other angel investor groups. This grant will be used to develop environmentally responsible solutions for the agricultural distribution industry.
With this most recent seed fundraising, Winich Farms has raised a total of $829,800 to far.
Why The Investors Invested
The startup has generated considerable traction since it was founded. The startup’s network is connected to more than 29,000 active food producers, and its supply chain is equipped to deliver 127 tonnes of product from fields to companies every day.
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As of January 2022, Winich Farms has registered a transaction volume of $17.1 million over 461 agents/collection centres serving 500+ retail groups and informal processors in 8 locations.
A Look At What The Startup Does
Founded in 2019, Winich Farms is an agritech platform that is revolutionising the farm-to-retailer market by harnessing technology to eliminate intermediaries and enhance the distribution and supply chain for farm produce. Winich Farms streamlines the purchase and selling process between food producers (farmers) and off-takers (small merchants and industries) by connecting them directly and completing all transactions and settlements within 24 hours. By lowering the number of middlemen, farmers recoup their profit, while small to medium-sized merchants and enterprises are able to function more efficiently as a result of simple access to products.
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Including the BNPL credit system they have in the works, Winich Farms also wants to provide access to inventory insurance for its users.
“We intend to leverage our strengths and resources to innovate for new product categories and customer segments while solving complex supply chain problems with simple solutions,” co-founder and CEO, Riches Attai said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh