Nigeria-based spice producer and exporter Agricorp International has raised $17.5m in a series A round led by poultry farming company Vami Farms and backed by commodities exchange AFEX.
Vami Farms supplied $11.5m of equity funding and was also joined by trade and investment firm One Capital.
Founded in 2018, Agricorp produces, processes and exports ginger to global customers across the Middle East, Europe and the Americas. Nigeria is the third highest exporter of ginger globally, according to data from the country’s Ministry of Agriculture.
Agricorp processes more than 5,000 metric tonnes of ginger annually. With the series A funding, Agricorp is looking to increase its capacity to 7,000 tonnes.
Samirah Ade-Adebiyi, managing director at Afex, said: “Our other businesses have transacted with Agricorp on several occasions and have seen the business grow over time. Now, we are committed to providing the working capital they require to scale their operations at any level.”