The ThriveAgric saga may seem straightforward at first glance: an agritech startup raises funds from retail investors, faces turmoil when the pandemic hits, defaults on payments, endures public backlash, and eventually survives. The full story, however, is considerably more nuanced — particularly when recounted by Kola Aina, General Partner at Ventures Platform and an early-stage investor in African startups.

In a candid interview on the Nidacity Builders podcast with Kemi Adeosun, Aina offered an inside account of what it means to back a startup when circumstances unravel. The account also provides a rare window into how African venture investors navigate crises in a sector — agriculture — that employs a large share of Nigeria's workforce yet has historically attracted a fraction of the funding flowing into fintech and other segments.

Before the Storm

Ventures Platform was among ThriveAgric's earliest backers. By 2020, the agritech company had built significant momentum, emerging as a standout within Nigeria's growing technology ecosystem. ThriveAgric's model — using crowdfunding to connect retail investors with smallholder farmers and then selling harvested produce to commercial offtakers — placed it among a cohort of Nigerian agritech startups, alongside peers like FarmCrowdy, that had popularized the concept of everyday Nigerians funding agricultural cycles for a return. Then-Vice President Yemi Osinbajo referenced ThriveAgric in public addresses as a prime example of the sector's promise. Aina himself frequently cited the company during international forums, describing it as a "poster child" for innovative agricultural solutions.

COVID-19's Catastrophic Impact

When the pandemic struck, the consequences were immediate and severe. Offtakers — the restaurants and food processors that purchased ThriveAgric's produce — shut down and stopped payments. Roughly 400,000 mature poultry birds were left without buyers. Transportation restrictions resulted in the loss of over ₦100 million worth of produce, and farmers across ThriveAgric's network suffered unprecedented financial damage. Retail investors who had committed funds to cyclical farming operations watched their expected returns disappear.

Aina recalled the pressure he faced personally: "People would slide into my DMs, saying, 'I signed up for ThriveAgric because you endorsed them.' They would share how they invested their house rent into this venture."

The sheer volume of complaints was overwhelming, and Aina's name was tied directly to the crisis.

Ruling Out Fraud

When the calls began flooding in, Ventures Platform's first question was not about reputation management or cutting losses. The fundamental question was whether this constituted fraud.

Aina's team conducted what he described as a "quick, dirty forensic audit" of ThriveAgric's books and operations. What they uncovered was not deception but a convergence of adverse circumstances: a young founding team that had scaled rapidly, operating within a supply chain that COVID-19 had rendered dysfunctional, with cash flow mismatches that cascaded into a full-blown public crisis.

"They did nothing wrong," Aina stated. "It was just COVID. There were transportation restrictions. The offtaker businesses they serve, fast food restaurants, weren't operating. There were just cash flow mismatches."

That conclusion reframed the entire situation. This was not a company to abandon — it was a company to fix.

A Systemic Risk

Aina was also clear that his motivations extended beyond protecting his own investment. A senior Nigerian figure had contacted him to warn that the situation was damaging the broader startup ecosystem. If ThriveAgric collapsed under the weight of unpaid retail investors, the fallout would extend well beyond a single company — it would undermine confidence in Nigerian agritech investing as a whole. At a time when international capital was beginning to flow more aggressively into African startups, with Nigerian companies raising record amounts in the years surrounding the pandemic, trust was a fragile and essential currency. Aina characterized it as a systemic risk.

"This calls for rolling up our sleeves," was how he framed the decision internally.

Intervention and Recovery

Ventures Platform convened an emergency meeting and determined that the founding team needed experienced outside leadership. They brought in Adia Sowho, then at Migo, as interim CEO. Co-founder Uka Eje transitioned to the COO role, allowing the original team to remain while adding critical expertise.

Sowho identified the breakdowns — primarily a large number of unfulfilled agreements that had fueled the public outcry. Under the restructured leadership, the company prioritized governance, organizational structure, and transparent documentation. A new CFO and risk manager were hired, a dashboard was built for retail investors to track their payouts, and clear repayment timelines were established.

To stabilize operations, Ventures Platform provided temporary bridge funding to clear the backlog. Within nine months, every retail investor who was owed money had been repaid. By 2021, the bridge loan itself had been fully settled.

A Remarkable Turnaround

Less than 18 months after the crisis, ThriveAgric nearly quadrupled its revenue. The company pivoted away from retail crowdfunding toward institutional investors, including commercial banks and organizations such as the World Food Programme — a shift that reduced its exposure to the kind of mass retail obligations that had fueled the crisis and aligned it with more stable, larger-scale capital sources.

In 2022, ThriveAgric secured $56.4 million in debt funding — one of the largest raises in Nigeria's agritech sector. By that point, the company had expanded operations into Ghana, Zambia, and Kenya, supporting more than 200,000 farmers.

"The company went from that episode to almost four-xing in less than 18 months," Aina said. "Today, Thrive is one of the leading agritech platforms."

Investment Philosophy

The ThriveAgric experience did not make Aina more cautious about early-stage investing. If anything, it reinforced his conviction in the fundamentals. He evaluates the entrepreneur first — their expertise, determination, and commitment — before assessing the market and, finally, the product. He notes that with the rise of AI, building products has become more accessible, shifting the startup focus toward market strategy and distribution.

At Ventures Platform, Aina has backed over 100 companies, with 75 still active, including Paystack and PiggyVest. He is willing to back founders repeatedly across whatever industries they pursue, trusting that strong entrepreneurs will find a path to success.

ThriveAgric stands as a testament to that belief — and to what disciplined support can achieve when an entrepreneur faces their darkest hour.