YC-backed startup ThriveAgric raises $3.93 million in commercial paper sale

ThriveAgric, the Y Combinator-backed Nigerian agritech startup, has raised ₦5.3 billion ($3.93 million) in the first series of a commercial paper programme that could grow to ₦50 billion ($37.09 million), extending a debt-heavy funding strategy its chief executive officer Uka Eje says is better suited for its business operations. 

The Series 1 issuance, announced on Tuesday during the…