ThriveAgric Secures N5.3bn to Aid Smallholder Farmers
ThriveAgric, a technology-driven agricultural company, successfully raised N5.3 billion in its Series 1 funding from the capital market as part of a N50 billion Commercial Paper Programme. This funding aims to support 1.2 million smallholder farmers across 26 states in Nigeria and also extends operations to Ghana, Kenya, Uganda, and Rwanda.
The Series 1 issuance was oversubscribed, allowing ThriveAgric to exceed its initial target of N5 billion due to substantial institutional demand. This marks ThriveAgric's debut in the Nigerian debt capital markets, following the Securities and Exchange Commission's (SEC) approval of its Commercial Paper Programme.
The proceeds will enhance the company's working capital, support commodity aggregation, expand its network of out-grower farmers, and scale agricultural trading operations. Uka Eje, CEO and Co-Founder of ThriveAgric, emphasized the importance of this milestone for corporate governance and capital management.
Damilola, Managing Director of Anchoria Advisory Services, represented the transaction syndicate during the signing ceremony in Lagos.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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