ThriveAgric, a Nigerian AgriTech startup is taking part in the 24th edition of the 500 Startups accelerator programme in Silicon Valley. The programme invests US$150,000 and provides mentorship and hands-on training.
A host of African startups have been accepted onto the 500 Startups accelerator programmes in the last few years, including Egyptian startups Shezlong and Harmonica in batch 23 and three from Nigeria in batch 22. However, ThriveAgric is the only one from the continent to make the cut for the latest four-month accelerator alongside 21 other companies from countries such as the United States, Chile, France, and Hong Kong.
About ThriveAgric
Last year, ThriveAgric raised funding from the Abuja-based Ventures Platform accelerator. The startup has a 40:40:20 profit-sharing model, with 40 percent of profits going to farmers, 40 percent to subscribers, and the startup taking the remaining 20 percent.
Earlier this year, ThriveAgric was one of the 12 startups selected to participate in the first Google Launchpad Accelerator Africa programme. The startup uses a crowdfunding platform to offer farmers with the needed finance to grow their businesses and offers ordinary people the opportunity to invest in agriculture.
Launched publicly in early 2017, ThriveAgric is a platform designed to crowdfund investments for smallholder farmers and offer it to them in the form of inputs, tech-driven advisory and access to markets. Farms are listed on the platform, complete with details of what it takes to fund a unit, such as an acre of rice or 100 chicks, the length of time until return, and the returns themselves.
Subscribers on the platform can then fund these units by paying online and receive regular updates on what is happening on the farm, from planting to harvest. They can receive their funded sum and any returns after harvest. The funds are used to purchase inputs, buy insurance, and market the farm produce.
About 500 Startups
500 Startups is one of the world’s most renowned accelerators, having worked with over 2,000 startups from across the world, and its 24th startup accelerator kicked off at the end of September.