Smallholder Agriculture | March 23, 2022

ThriveAgric scores $56.4 million in debt to help smallholder farmers build income

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 23 — Africa is home to approximately 33 million smallholder farmers, who produce nearly 70% of the continent’s food supply. Most of those farmers live on less than $1.90 per day.

Abuja, Nigeria-based ThriveAgric, through its more than 450 warehouses, helps farmers store goods before they’re sold at a premium price and provides access to capital and global markets. ThriveAgric says it has helped farmers increase their incomes by 25%. 

Nairobi-based Apollo Agriculture, which delivers advice and inputs, like fertilizer and seeds, to more than 100,000 farmers, raised $40 million to enter new markets in East and West Africa.

ThriveAgric is expanding into Ghana, Zambia and Kenya. The company received a co-investment grant from USAID’s West Africa Trade and Investment, a five-year, $140 million program to catalyze sustainable economic growth and food security.