The company will be able to increase its processing capacity up to 7000 metric tonnes
Nigeria-based spices producing, processing, and exporting company Agricorp International has raised $17.5 million in Series A funding to increase its processing capacity up to 7000 metric tonnes. This fund was raised from Vami Nigeria, One Capital 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. Ernst & Young (Nigeria) served as transaction advisers while Elisio Law Office and Pavestone Legal served as legal advisers.
Kenneth Obiajulu, CEO, Agricorp’s said, “We believe that by increasing our capacity to 7,000MT, we will maximise the potentials to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian GDP from agriculture, and serve as a worthy model to African youths who aspire to be agribusiness owners. We want to show them it is possible and very rewarding as well.”
It will take a bold approach to put Nigeria on the global export radar by leveraging investments to build simple processing systems for spices and other agro products. Agricorp aims to be that bold company standing at the forefront of enhancing global food systems.
