Agricorp International, a Nigerian spice producer, processor and exporter, said Thursday it has raised $17.5 million in Series A funding to increase its processing capacity up to 7,000 metric tonnes.
The company secured the money from Vami Nigeria, One Capital LLC and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company.
Agricorp was founded in 2018 by Kenneth Obiajulu and Wale Omotimirin.
The firm cited data from Nigeria’s Ministry of Agriculture that showed while the country accounts for more than 16% of the global production of ginger, it gets less than 4% of the export market share.
Lead investor Vami Nigeria said: “We led the round because we saw a clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners. Most importantly, the depth of knowledge, passion, and resilience of the team is unrivaled.”
Lagos-based Bumpa, which helps retailers manage and grow their businesses from their mobile phones, has raised $200,000 in a pre-seed funding round to add more functionalities and bring more merchants on board its platform.
The funding came from Greencap Equity, HOAQ Club, Whogohost Venture Arm, Rizq Investment Group, Microtraction, DFS Labs, Aidi Ventures besides Prosper Otemuyiwa, Oo Nwoye, Perfect Makanju and other angel investors.
Bumpa was founded in February by Kelvin Umechukwu and Adetunji Opayele. It allows merchants to set up an e-commerce store using their smartphone, integrate payments, manage inventory, handle books, fulfill orders, track sales, request dispatch riders, and engage customers.
The company claims it has around 7,000 merchants as clients. It is aiming to pushing this to reach 200,000 merchants in the next one year.
In another early-stage transaction, Nigerian startup Sabi raised an undisclosed amount in a seed funding round from investors CRE Ventures, Janngo Capital, Atlantica Ventures and Waarde Capital.
The company operates a B2B marketplace and offers an enterprise resource planning tool. It also said it has covered the milestone of over 150,000 small business users on its platform.