The funding is expected to support the company’s expansion and strengthen its work with smallholder farmers across Nigeria’s agricultural value chain.

AgroEknor operates an integrated agribusiness model that connects farmers to international markets and produces locally processed products.

The company sources hibiscus directly from smallholder farmers, processes the crop, and exports dried hibiscus to major markets including Mexico, the United States, and China.

In addition to exports, AgroEknor produces “Madala,” a hibiscus-based cordial drink distributed within Nigeria, allowing the company to capture more value domestically and create additional income streams in the local market.

The company’s chief executive and co-founder, Timi Oke, said the partnership marks an important step in AgroEknor’s growth journey.

According to him, Acumen’s backing strengthens the company’s long-term vision to build a globally competitive agro-industrial business rooted in African innovation and focused on improving farmers’ livelihoods and transforming agricultural value chains.

AgroEknor works directly with thousands of smallholder farmers, many of them women, providing training on climate-smart farming techniques and offering better pricing through direct access to global buyers.

The company’s approach aims to help farmers move beyond subsistence agriculture toward more stable and profitable commercial production.

Babatunde Usman, an investment manager at Acumen, said AgroEknor reflects the type of enterprise the impact investor seeks to support.

He noted that businesses with sustainable models can deliver both commercial success and measurable social impact.

By linking farmers to premium export markets and ensuring fair pricing, he said, AgroEknor is helping rural producers build more resilient livelihoods while strengthening agricultural supply chains.

The investment comes at a time when global demand for hibiscus products is rising. Hibiscus is increasingly used in beverages, teas, and natural health products, and demand from international buyers has grown steadily in recent years.

With the new funding, AgroEknor plans to scale its operations, expand its network of farmers, and strengthen its export capacity.

The company is also expected to invest further in training programs and infrastructure that support quality control and traceability in agricultural exports.

Acumen, known for investing in businesses that tackle poverty and build inclusive markets, sees AgroEknor as an example of how export-driven agriculture can support economic development while improving the livelihoods of smallholder farmers in Africa.