The funding is a mix of debt and equity, with contributions from Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, Tekedia Capital, and Sahel Capital.

Founded by Riches Attai, along with Chichebem Jibunoh and Winners Attai, Winich Farms was born out of the need to tackle significant inefficiencies in Nigeria’s agricultural sector.

Despite Nigeria being one of the world’s largest producers of beans, Attai noted that domestic prices for the crop were surprisingly higher than in international markets.

This paradox spurred the creation of Winich Farms to improve supply chain transparency and provide smallholder farmers with better access to markets and financial services.

With over 139,000 farmers using its platform across 16 states, Winich Farms directly connects these small-scale producers with food processors, bypassing middlemen and lowering costs.

The startup also equips farmers with digital wallets and has introduced a pilot debit card program in partnership with Sterling Bank, helping farmers improve their financial standing by building creditworthiness.

The new $3 million injection, which includes $2.5 million in equity from key investors such as Acumen Resilient Agriculture Fund and $590,000 in debt financing from Lagos-based Sahel Capital, will further fuel Winich Farms’ expansion.

The funds will be used to scale its operations, enhance its digital platform, and expand its financial services to more farmers.

The company also aims to increase the number of debit cards in circulation from 25,000 to 195,000 in the coming years.

“Smallholder farmers face multiple bottlenecks along the value chain, limiting their productivity and access to markets, which in turn hinders their income potential and growth,” said Tamer El-Raghy, Managing Director of Acumen Resilient Agriculture Fund.

“Investing in Winich aligns with our goal of growing local businesses that support smallholder farmers toward increased productivity, sustainable agricultural development, better livelihoods, and increased food security.”