ThriveAgric, a Nigerian agritech firm, is making waves by supporting smallholder farmers. Recognized by the Financial Times, it ranks among Africa’s top 20 fastest-growing companies, joining others like Omniretail and Moniepoint.
South Africa leads the list with 42 of the 125 fastest-growing firms, while Nigeria follows with 25. Kenya and Morocco also shine with 12 companies each.
Founded in 2017 by Uka Eje and Ayodeji Arikawe, ThriveAgric saw rapid growth, reaching $73.26 million in revenue by 2022 and maintaining a 120.1% annual growth rate, despite facing significant challenges.
The company hit a rough patch in April 2021 when the COVID-19 pandemic delayed repayments to their retail investors. However, CEO Uka Eje highlighted their resilience, saying they overcame these issues within a year and stayed profitable.
Adia Sowho, MTN Nigeria’s chief marketing officer, praised the team on X, reflecting on the tough times. During ThriveAgric’s difficult year in 2020, Sowho stepped in as interim CEO, tasked with rescuing the company. Her strategic leadership, honed from her vast experience, was pivotal. She emphasised that success comes from deliberate planning.
ThriveAgric has since shifted its focus from crowdfunding to developing tech solutions for agriculture. In June 2022, co-founder Ayodeji Arikawe introduced their Agricultural Operating System (AOS) at the Visa Everywhere Initiative, winning the competition. AOS aims to digitise Africa’s agricultural processes.
To support their 200,000+ farmers and expand into Ghana, Zambia, and Kenya, ThriveAgric secured $56.4 million in debt funding from the USAID-funded West Africa Trade & Investment.
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