Pastures New

Nigeria’s ThriveAgric seeks $30m for African agri-fintech expansion

By David Whitehouse

Reserved for subscribers

Posted on June 22, 2023 04:00

© REUTERS/Afolabi Sotunde — REUTERS/Afolabi Sotunde

ThriveAgric is seeking to raise about $30m in equity to expand its agri-fintech business in Nigeria and new African markets, CEO Uka Eje tells The Africa Report.

The fundraising is making “good progress” and Eje aims to conclude the round in August. The company will also seek to raise an additional, unspecified amount of debt and is in discussions with debt investors, he says. Eje aims to enter Tanzania and Zambia in the first half of 2023.

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime

Already a a subscriber Sign In

More Business

Webp.net-resizeimage – 2020-10-30T075911.445 © Jumia delivery men dressed as Santa Claus drive their motorcycles to deliver goods to customers in Abidjan December 18, 2014. REUTERS/Luc Gnago

green mobility

Uber launches electric motorcycles in Kenya, an African first Uber has announced the launch of electric motorcycle taxis in the Kenyan capital Nairobi in what it says is a first for the company in Africa.

Transit trucks go through an electronic weighbridge at the border crossing point between Kenya and Tanzania in Namanga, Tanzania July 19, 2019. REUTERS/Njeri Mwangi

Wheels of Trade

Kenya-Tanzania border friction highlights need for digital approach A plan to digitalise 30 borders in 30 African countries by 2030 could cost around $600 million. What does this mean for the future of trade in Africa?

BUA Group cement plant in Sokoto, Nigeria © BUA Cement

spreading its wings

Senegal, Egypt, Côte d’Ivoire… Where has the IFC invested the most money? Over the past year, the World Bank’s private sector arm spent more than $11.5bn on the continent — a record figure.

Celebrations for the Coronation Ceremony of King Charles and Queen Camilla in Melbourne © An Australian flag is seen on a table at an Australian Monarchist League dinner celebrating the Coronation Ceremony of Britain’s King Charles and Queen Camilla, in Melbourne, Australia, May 6, 2023. REUTERS/Sandra Sanders

Concrete Ceiling

Flutterwave targets Australia’s struggling African diaspora Remittance service targets Australian Africans – yet structural racism limits the diaspora’s ability to send money home.