Agritech company Farmcrowdy has announced that it will be merging with two other firms, Agricsquare, and Farmgate Africa. The consolidation, which was announced earlier this week, should see Farmcrowdy strengthen its position and reach in Nigeria’s agricultural value chain.
All three companies, though formally presenting as sister brands, have until recently operated as separate entities. Following the joining of forces, they will now be recognized as a single brand, Farmrowdy.
Onyeka Akuma, the CEO of Farmcrowdy, says that the firms are uniting capacities to create a company that attracts more talent and expands the range of investment options for sponsors of its farming and produce-trading engagements.
Farmgate Africa is an agricultural commodities trading and investment platform that allows Nigerians to invest in produce trading and reap returns from it. Agricsquare self-designates as the largest community in Africa for agriculturists and persons interested in agriculture.
In practical terms, the merger will provide more investment options for sponsors on the pre-existing Farmcrowdy platform. They will now be able to extend their participation in the agricultural value chain, with new profit-generating opportunities at the trading end of things. Farmgate’s sponsors will also gain more profits from plowing funds into the production that goes on at farmsteads.
Agricsquare will remain a space for robust engagement between agriculture enthusiasts from across the country, who will share news, knowledge, and smart market tips to help members of the community along in their agric-related pursuits.
The new entity’s trading operations will be headed by Kenneth Obiajulu, who was until now the MD of Farmgate Africa. Temitope Omotosho, Farmcrowdy’s Chief Operations Officer, will remain in charge of the company’s crop and animal feeding operations.
In April, news broke about a partnership between Farmcrowdy and online livestock trading platform, Livestock 247. The partnership has allowed Farmcrowdy to boost its involvement with the livestock business, yielding its first-ever cattle feedlot in Adamawa State. Now, it’s aiming to increase its daily cow supplies to 100 cows fit for slaughter by the end of 2019, up from the 50 it currently puts out within the same time length.
At the moment, Farmcrowdy operates in 14 states across the country. It’s working to add four more with its livestock operations, a step which will amount to a tightening of its grip on the Nigerian agritech space.
Founded in 2016, Farmcrowdy leverages digital technology to connect willing sponsors with farms that are productive and profitable enough to generate good returns on their investments. It has over 25,000 farmers signed up to its initiative and has invested in over 16,000 acres of farmland across Nigeria.
Featured image source: Farmcrowdy