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Lagos-based Agricorp Int’l raises $17.5m

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Lagos-based tech-enabled spice export startup, Agricorp International, has announced raising a $17.5 million in Series A funding.

The funding is expected to increase the startup’s processing capacity up to 7000 metric tonnes.

The startup, following the raiser, becomes the largest spices export startup in Africa.

According to the startup, the round was led by Vami Nigeria and saw the participation of One Capital LLC and AFEX.

According to the deal book, Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company.

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The startup was founded in 2018 by Kenneth Obiajulu and Wale Omotimirin as a venture contributing to meeting the growing demand of spices as an export material.

Speaking on the development, Kenneth Obiajulu, Agricorp’s CEO, noted that the goal was to maximise forex earnings through export.

He 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.”

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