Nigerian agritech startup, FoodLocker, emerged as one of five selected startups into Founders Factory Africa’s venture scale programme.
FFA will empower these successful startups with funds, while availing them the technical know-how in areas of administration.
FoodLocker was founded in 2017 by Femi Aiki and Jennifer Okoduwa. It is a foodstuff and grocery e-commerce/ retail startup, which uses deep machine learning to forecast foodstuff demands. Using extensive data analysis, the startup uses data to procure the right selection of top-quality goods and fresh produce for large-scale buyers from smallholder farmers.
FoodLocker makes about N10 million in revenue monthly, and it also won the $11,000 cash price Data Analytics Award at the 2019 Pitch AgriHack Competition.
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“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.“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,” – Roo Rogers, CEO, Founders Factory Africa,
The opportunity will also offer FoodLocker resource investment worth $290,000 as tailored support services.
With the new investment from Founders Factory Africa, FoodLocker can look towards improving its deep learning algorithms and its model by driving better logistics and supply chain.
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