Nigeria’s Agricorp International a company that produces, processes, and exports spices has raised $17.5 million in Serie A funding to increase its processing capacity to over 7000 metric tonnes. The funding round was led by Vami Nigeria which raised $11.5 million of the sum in equity. Other investors One Capital LLC and AFEX provided the working capital financing. Nigeria’s Ernst & Young acted as transaction advisers while Pavestone Legal and Elisio Law Office acted as the legal advisors.
Agricorp International was founded in 2018 by Kenneth Obiajulu and Wale Omotimirin and helps meet the growing demand for spices and export materials. Data from Nigeria’s Ministry of Agriculture reveals that despite being the third highest ginger exporter internationally, the country produces 31 million metric tonnes with a demand of 65 million metric tonnes contributing to the 34 million metric-tonne gaps.
In the press release, Agricorp’s CEO Kenneth Obiajulu, expressed a belief in increasing output capacity to 7,000MT thus boosting the country’s “forex earnings through export.” Vami Nigeria (the lead investor) describes the round as one with a “ clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners.” Samirah Ade-Adebiyi, the MD at AFEX expressed commitment to “providing the working capital they require to scale their operations.”
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