ThriveAgric Secures $3.93 Million in Commercial Paper Sale to Fuel Agricultural Trading

Nigerian agritech startup ThriveAgric has successfully raised ₦5.3 billion ($3.93 million) through its first series of a commercial paper program, which could ultimately reach ₦50 billion ($37.09 million). The oversubscribed Series 1 issuance attracted strong institutional demand above the initial target and marks ThriveAgric’s entry into Nigeria’s debt capital markets.

According to CEO Uka Eje, this debt-based funding strategy is better aligned with the company’s operational needs than equity financing. The commercial paper will provide working capital to purchase produce from smallholder farmers through ThriveAgric’s network, aggregate these commodities, and supply them to food processors and FMCG companies.

“Securing SEC approval for our ₦50 billion CP program and completing this oversubscribed ₦5 billion Series 1 raise validates our disciplined approach to corporate governance,” Eje stated. “This institutional backing provides financial flexibility to scale operations and ensure timely payments to farmers.”

The new funding will specifically support ThriveAgric’s core business model of connecting farmers with buyers, addressing a critical gap in the agricultural value chain. By providing access to finance and guaranteed markets, ThriveAgric aims to make agriculture more scalable and sustainable.

ThriveAgric’s expansion beyond Nigeria has been largely organic, driven by existing stakeholders who facilitated entry into new markets like Ghana, Kenya, Uganda, and Rwanda. However, Eje emphasized that the current funding will prioritize deepening operations within Nigeria rather than geographic expansion.