A report by Financial Times has shortlisted ThriveAgric, an agrictech company as one of the fastest growing companies in Africa.
Financial Times in its report noted that its ranking comes against a background of businesses that have overcome the Covid pandemic and the continent’s economic problems.
ThriveAgric, founded in 2016 is a fast-growing agricultural technology company passionate about ensuring food security.
The company is focused on empowering smallholder farmers, leveraging its technology to access finance, and improving productivity & sales to promote food security.
The company recorded an absolute growth rate of 964.9 percent according to the Financial Times report. While the company also grew its revenue from $8.1m in 2019 to $73.26m in 2022.
In an interview with NewsDirect two years ago, CEO of the company, Uka Eje noted that the company is working to build a self-sustaining Africa that will feed itself and the world.
Recently, the company sealed a strategic partnership for Nigeria with Acorn Rabobank, a project committed to sustainable agroforestry practices and carbon market development globally. This initiative, which aims to enable over 30,000+ smallholder farmers with carbon credit access and general benefits of the adoption of agroforestry practices, further establishes the company’s mission to drive sustainable agriculture practices to provide adequate support for farmers and impact rural communities.
ThriveAgric has 450+ warehouses and works with over 800,000 smallholder farmers in Nigeria, Ghana and Kenya & Uganda. ThriveAgric’s Theory of Change target for 2027 is to provide $500 million in credit to 10 million smallholder farmers and to double the numbers by 2050.
Though the company has had its fair share of challenges largely occasioned by the disruption during the pandemic, the company has since bounced back and recorded tremendous growth ever since recording higher profitability and increased confidence by investors.