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Agric-tech romance: Nigeria’s FoodLocker secures $40,000 from Founders Factory Africa

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Nigerian-owned agric startup, FoodLocker, has emerged as one of five (5) startups accepted into the Venture Scale programme.

The programme, which is a flagship course of the Founder Factory Africa, FFA, will empower these successful startups with funds while availing them the technical know-how in areas of administration.

Lately, more agric startups have been leveraging on tech to scale. There has never been a richer time compared to this era where tech is raising billionaire farms.

From a significant increase in the access to insightful farm practises in form of soft education, to unlimited monetary opportunities that are helping more local farmers access financial commitments from venture capitalists; tech is turning the wheel of agriculture and a paradigm shift can only be eminent in 5 years where more digital farmers will fill the landscape.

FoodLocker’s new offering from Founders Factory Africa (FFA) goes forward to demonstrate this leverage.

Hence, as the Agrictech company enters into the programme, it is expected that the team will learn real time market insights to boost its revenue and business model.

Worthy of note is that the opportunity will equally offer FoodLocker resource investment worth $290,000 as tailored support services.

With more venture capitalists taking agric seriously in recent times, it seems they are coming to accept that there is a need to cater for feeding if life must be sustained.

Like Roo Rogers, CEO, Founders Factory Africa, noted, while commenting on the startups to made the list, that when an idea is innovative, investors are often excited to be a part of its story.

“The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential,” Rogers stated.

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According to the foodstuff and grocery e-commerce/retail startup, its team uses deep machine learning to forecast foodstuff demand. While in the business of food supply, it claimed to make about ₦10 million in revenue monthly.

Africa can only but look out for this startup as time goes on. Will FoodLocker leverage well? Will this opportunity land it its next bigger buffet? Will the team fret and nose-dive, or will it become the food-basket of Africa?

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