Thrive Agric, a Nigerian technology startup focused on agriculture, secured a $56.4 million loan from banks and institutional investors to expand its operations. It entails connecting farmers with food processors and major distribution locations for agricultural products.

As part of its next phase of African expansion, the company, which has been functioning since 2018, also wants to penetrate the Ghanaian, Zambian, and Kenyan markets.

“This additional investment advances our aim of building the greatest network of African farmers utilizing technology to achieve food security,” stated Uka Eje, Thrive Agric’s Managing Director.

Read also World Food Day: Time for global leaders to invest in Africa’s agriculture

In Nigeria, smallholder farmers account for more than 80% of the agricultural sector. Access to financing, guidance, and markets continue to be significant impediments to their development.

Thrive Agric

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer