The two agritech firms will receive a combined $850,000 as part of Village Capital’s Reducing Inequalities Investment Facility, funded by FMO’s MASSIF Fund.

Aquarech is addressing challenges faced by fish farmers by offering a buy-now-pay-later (BNPL) solution for fish feed.

The startup also provides training and agricultural tools to enhance farming practices and boost incomes.

Coamona, founded in 2018, is digitizing farmer management processes.

Its marketplace platform, Amana Market, connects farmers and traders and offers services such as product sales, loans, and real-time market information.

The startup aims to improve farmers’ incomes by enabling data-driven decisions on when and where to sell their produce.

“We are excited to support Coamana in building a robust digital infrastructure for agricultural trade across Africa,” said Kavon Badie, Investment Officer at Village Capital.

These investments highlight the growing trend of tech-driven solutions addressing agricultural challenges in Africa.

These startups are contributing to the continent’s agricultural development by bridging the gap between farmers, consumers, and businesses.

The Spanish investment firm is dedicated to funding businesses that create positive social and environmental impact in developing nations.

Founded in Kenya in 2006, One Acre Fund has been instrumental in improving the lives of millions of farmers by providing access to quality agricultural inputs, training, and financial services.

The organization’s focus on climate-smart farming and reforestation initiatives has contributed significantly to building resilient communities.

The fresh capital injection will bolster One Acre Fund’s efforts to expand its reach and deepen its impact.

The organization aims to serve 10 million farmers across nine African countries by 2030, a goal that aligns with its mission to reduce poverty and enhance food security in the region.

Impact Bridge Asset Management’s investment underscores the growing interest in sustainable and socially responsible investments.

The firm’s commitment to supporting businesses like One Acre Fund highlights the potential for positive change in developing countries.

This renewed commitment comes on the heels of AgroEknor’s impressive growth trajectory since Aruwa’s initial investment in December 2022.

AgroEknor has significantly expanded its operations through strategic diversification and backward integration.

A key milestone includes the completion of its hibiscus flower processing chamber, one of only seven approved facilities in Nigeria. This achievement has boosted export capacity, product quality, and profitability.

The company’s Farmers Education and Empowerment Project (FEEP) has also yielded remarkable results, with nearly 3,000 smallholder farmers benefiting from increased yields and over 11,000 on the waiting list.

To further optimize farming practices, AgroEknor has introduced YieldPro, a technology platform that enhances productivity, traceability, and sustainability.

Moreover, AgroEknor has secured strategic partnerships to manufacture and distribute hibiscus concentrates to global markets such as the UK, USA, and UAE.

This expansion into value-added products aligns with the growing demand for healthy and sustainable options.

The hibiscus market is experiencing robust growth, driven by increasing health consciousness.

Nigeria, with its high-quality, non-GMO hibiscus varieties, is emerging as a key player in the global supply chain.

The additional investment from Aruwa will enable AgroEknor to capitalize on this opportunity by expanding operations, enhancing infrastructure, and supporting farmer empowerment initiatives.

Timi Oke, CEO of AgroEknor, expressed gratitude for Aruwa’s continued support, highlighting the partnership’s transformative impact.

Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital, emphasized the company’s commitment to gender-lens investing and sustainable development, citing AgroEknor’s achievements as a prime example of their investment thesis.

This funding will bolster REGMIFA’s efforts to support micro, small, and medium-sized enterprises (MSMEs) across the region.

By partnering with microfinance institutions, fintech startups, and mid-sized banks, REGMIFA aims to expand access to finance for MSMEs and low- to middle-income households.

FMO’s investment is strategic as it allows the fund to reach smaller financial institutions and underserved markets, including countries like Niger, Angola, and Mali.

“This investment aligns with our commitment to gender equality and financial inclusion,” said Juan Jose Dada Ortiz, FMO’s director of financial institutions.

“By supporting REGMIFA, we are empowering women entrepreneurs and contributing to economic growth in the region.”

Laure Wessemius-Chibrac, chairwoman of the REGMIFA board, expressed enthusiasm about the partnership, stating, “This investment will fuel innovation and resilience among African entrepreneurs, creating a positive impact on countless lives.”

FMO’s support underscores its dedication to fostering sustainable development and economic growth in Sub-Saharan Africa.

The lending platform beat out a stiff competition of over 7,000 startups to clinch the top spot.

Two other finalists, Kunda Kids and PaveHQ, also received recognition, bagging $70,000 and $50,000 respectively.

Sycamore, founded in 2019 by Babatunde Akin-Moses, offers peer-to-peer lending services, providing risk assessment, commercial lending, and asset financing solutions.

Kunda Kids is an ed-tech company focused on African-inspired digital content, while PaveHQ is an international education and career platform.

The winners were selected based on market potential, team composition, traction, and solution competitiveness.

Commenting on the win, Sycamore’s CEO expressed his elation, highlighting the startup’s positive impact on society.

Aminu Umar-Sadiq, NSIA Managing Director, emphasized the prize’s role in fostering innovation and promoting homegrown talent.

Sycamore’s victory comes amid a growing loan app industry in Nigeria, which has seen a surge in licensed companies.