Agriculture remains a cornerstone of Nigeria’s economy, providing employment for a significant portion of the population and holding immense potential for national development. However, persistent challenges such as low productivity, limited access to markets, inadequate financing, and fragmented value chains have continued to hinder the sector’s full potential.
In response, a new generation of agricultural technology (agtech) startups is emerging, leveraging innovation, data, and capital to transform how food is produced, processed, and distributed across the country. These companies are building scalable solutions that empower smallholder farmers, increase operational efficiency, and address pressing issues such as food security, youth unemployment, and climate resilience.
Collectively, Nigeria’s five most funded agtech startups have raised nearly $150 million in capital between 2014 and 2024, according to Briter Bridges, a data insight firm that tracks startup funding in Africa.
Here are Nigeria’s top five agtech firms:
ThriveAgric — $59 million
ThriveAgric is Nigeria’s most funded agricultural technology company, raising $59 million across eight funding rounds. Its latest round came from the AYuTe Africa Challenge on March 22, 2022.
Founded by Uka Eje and Ayodeji Arikawe with a mission to transform Nigeria’s agricultural sector, ThriveAgric has built a network of over 800,000 smallholder farmers and aims to reach 10 million farmers by 2027. The company supports farmers through access to finance, technology, and market linkages, enhancing productivity and profitability across its network.
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Vendease — $33 million
Vendease is an online marketplace that enables restaurants and food businesses in Africa to procure supplies directly from farms and manufacturers, cutting out expensive middlemen and reducing operational inefficiencies. Since its founding in 2020, the company has raised $33.33 million across four funding rounds. Its most recent round was in March 2021.
The platform is designed to streamline food procurement by allowing restaurants to order fresh produce and supplies without the need to send staff to open markets, where prices are often inflated. This innovation not only saves time and money but also helps businesses operate more efficiently.
Vendease was co-founded by Tunde Kara, Gatumi Aliyu, Olumide Fayankin, and Oyewale Oyepeju, who all share a vision to digitise and optimise Africa’s food supply chain.
Babban Gona — $30 million
Babban Gona, which means “Great Farm” in Hausa, is a socially responsible agricultural enterprise founded in 2012 by Kola Masha. The company has raised a total of $30 million in funding, with $20.5 million secured across five official rounds. Its most recent round was from Citi on June 7, 2022.
Driven by the need to address Nigeria’s soaring youth unemployment and insecurity, Babban Gona was founded to serve as an economic buffer, using agriculture as a tool to create jobs and stability.
Babban Gona operates as an agricultural franchise that delivers a comprehensive suite of services to smallholder farmers, including access to high-quality inputs, credit, training and development, and marketing support. This integrated model empowers farmers to double their yields and significantly increase their net incomes.
Read also: Why African startups are shutting down
Agricorp — $17.5 million
Agricorp is a Nigerian-based agtech company that specialises in the production, processing, and export of indigenous spices to meet growing global demand.
Since its founding in 2018 by Louis Omotimirin and Kenneth Obiajulu, Agricorp has raised $17.5 million in funding over a single round. The Series A funding, secured on September 2, 2021, was led by Vami Nigeria with $11.5 million in equity, alongside working capital financing from One Capital LLC and AFEX.
Agricorp is focused on scaling its operations locally and internationally, particularly by increasing its spice processing capacity to 7,000 metric tonnes.
Releaf — $8.3 million
Releaf is a Nigerian climate tech and agri-processing startup that leverages hardware innovation and biochar technology to drive sustainable agriculture and carbon removal. Co-founded by Uzoma Ayogu and Kenna Nzewi while they were students at Duke and Yale, respectively, Releaf has raised $8.32 million across 13 funding rounds. Its most recent round was from FINCA Ventures on June 3, 2020.
Initially focused on revolutionising food processing, Releaf developed a proprietary technology known as Kraken, which processes tree nuts, particularly palm kernel, from smallholder farmers into high-quality feedstock for food manufacturers. The company currently works with around 4,500 smallholder farmers and generated nearly $4 million in revenue in 2023.
In its expanded focus on climate resilience, Releaf now specialises in producing premium biochar from palm kernel shells—an innovation known as Biochar Carbon Removal (BCR). This technology not only enhances soil fertility and agricultural productivity but also sequesters carbon, contributing to Africa’s climate mitigation efforts. The company projects it will remove over 1,000 tonnes of CO₂ by 2025.
