Nigeria’s ‘Thrive Agric’ to Participate in the 500 Startups Accelerator Program
Thrive Agric, a Nigerian agritech startup has been selected for the 500 Startups tech accelerator program. The startup was among the 22 companies announced for the four month program which started last week.
— Thrive Agric (@thriveagric) October 30, 2018
Founded in 2016, Thrive Agric is a crowdfunding platform that provides farmers the finances to grow their business. Alongside needed capital support, the platform provides farmers with advice and support to distribute and sell their produce to a larger market.
The company also functions as a platform that offers an in-road for regular Nigerians to invest in the country’s agricultural sector.
Nigeria has over 23 million farmers, but many of them are small holder farmers. Due to the fragmentary nature of farming in Nigeria, the country finds it difficult to mechanize the industry for high productivity.
Thrive Africa does not promise to mechanize farming though, but it works to make farming more productive and attractive for outside investors.
Thrive Agric is operating a tech driven input financing model for poultry farmers in the Niger Delta.The model of crowd-sourcing funds to support small-scale poultry producers as well as provision of guaranteed offtake from producers worked successfully in S/W region of Nigeria pic.twitter.com/HXvhvPk8MY
— MADE Nigeria (@MADENigerDelta) October 31, 2018
“We have created an easy to use website that allows just anyone fund a farmer, participate in agriculture online and get regular updates from their farm with the mobile device,” the Thrive Team said on VC4A.
Since its launch from beta in 2017, Thrive Agric has worked with over 4,000 farmers across the country, both directly and indirectly. And it has agricultural extension agents working out of 11 states in the Federation.
Thrive Agriculture received its first known funding from Nigerian VC firm, Ventures Platform in 2017. In 2018, the startup joined the Google Launchpad Africa Accelerator Program. The program provides equity-free financing as well as mentorship to startups.
Thrive Agric Joins 500 Startups
Importantly, Thrive Agric’s selection for the 500 Startups program represents its biggest breakthrough yet.
Some interesting stats on @500Startups latest batch:
–27% of the 22 companies are blockchain/crypto startups
–50% have a black, mixed-race or Latinx founder
–40% have at least one female founder
–31% are headquartered outside the U.S.https://t.co/aUqhXv9R9R
— Kate Clark (@KateClarkTweets) October 31, 2018
Organised by Silicon Valley firm, 500 Startups, the accelerator program is a four month seed program. Cohorts for the program get $150,000 funding in return for 6% equity.
Over the last seven years, the program has invested hundreds of millions in thousands of companies. Some notable companies include Canva, GrabTaxi, and online learning platform, Udemy.
Thrive Agric is the latest Nigerian startup to earn a place in one of Silicon Valley’s reputable programs.
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