On Monday, Egypt’s DisrupTech Ventures announced its first pan-African investment in Nigerian agri-fintech startup Winich Farms. This move marks a rare cross-border collaboration that aims to transform Nigeria’s agricultural sector by improving market access and financial inclusion for smallholder farmers.
DisrupTech Ventures’ bold entry into Nigeria’s agri-fintech scene
DisrupTech Ventures, a leading early-stage fintech fund based in Egypt, chose Winich Farms for its Pre-Series A funding round due to the startup’s innovative approach to solving Nigeria’s agriculture challenges.
Despite agriculture accounting for 21 percent of Nigeria’s GDP and employing millions, smallholder farmers who produce 90 percent of the output often face fragmented markets and limited financial services. Winich’s digital platform connects over 180,000 smallholder farmers with buyers, cutting out costly intermediaries and boosting farmers’ profits.
Mohamed Okasha, Managing Partner at DisrupTech Ventures, emphasised the strategic value of the investment: “Winich is not only solving real problems for smallholder farmers but doing so with a scalable model. Agriculture is also core to Egypt’s economy, and we look forward to sharing insights and best practices between both markets as Winich grows across the continent.”
Winich Farms’ vision to empower farmers and expand across Africa
Winich Farms, founded in 2020 by brothers Riches and Winner Attai, has quickly become a vital link in Nigeria’s agricultural value chain. The startup’s platform facilitates efficient production aggregation and logistics through a network of agent collection points without owning physical infrastructure. Their innovative Winich Cards enable digital payments, helping farmers build financial records crucial for accessing credit.
Attai Riches, CEO and co-founder of Winich Farms, expressed enthusiasm about the partnership: “DisrupTech Ventures’ experience in scaling early-stage fintechs will be invaluable as we strengthen our operations, empower more farmers, and explore expansion opportunities across Africa and beyond”.
Winich tackles Nigerian agriculture’s market and financial issues amid rising input costs and currency issues. The startup also partners with the Kebbi Agricultural Research Development Agency (KARDA) to provide credit and agronomic advisory services, helping farmers increase productivity.
Currently active in 29 of Nigeria’s 36 states, Winich plans to leverage its success to expand into other African markets and the MENA region, tapping into the growing demand for tech-enabled agricultural supply chains.