Africa

AgriFoodTech

InvestmentReport2024

AFUNDER

MercyCorps

02AfricaAgrifoodtechInvestmentReport2024

Contents

03

Introduction

04

Aboutus

05

Keyinsights

07

AgFunder

08

2024Investmenthighlights

14

2024Investmenttrends

19

Agrifoodtechcategoriesin-depth

24

Investmentsbystage

26

Startupspotlight

28

Appendix

31

Contact

AfricaAgrifoodtechInvestmentReport2024

03

Africanagrifoodtechinvestingin2024

ThisisourthirdeditionoftheAfricaagrifoodtechinvestment

reportandit’scertainlybeenaninterestingtime.Fromapeak

●

●●

●●●●●●

●●

●

ofover$700millioninfundingin2022,itcrashedtoatroughof$275millionlastyearin2023.Wedon’tyetknowif2024willfarebetteralthoughinthefirsthalfoftheyearthereweresignsof

recoverywithamodest1.6%year-over-yearincreaseinfunding.

IfinvestmentinNigeriaisanindicatorofthe

overallhealthofAfricanagrifoodtechthenwe

mightbeinforanotherdownyearasthecountryhasfallenfrombeingthemostactiveregional

marketinthesectortothethird,closingjustfivedealsworth$15millionsofarin2024.

There’salsobeenmovementintermsofthe

mostpopularcategoriesforinvestment.

AgribusinessMarketplaces&Fintechhave

overtakenMidstreamTechandIn-StoreRetailTechtobethemostpopularcategoryin2023andsofarin2024,taking41%ofallfundingdollarsand36%ofdealactivity.

Thereappeartobesignsofincreasedgender

diversityamongfoundingteamshoweverthosewithfemalefoundersraisedisproportionally

lessthantheirmale-ledcounterparts.

Onapositivenote,climatetechfundinghasincreasedasaportionofoverallinvestmentsofarin2024,reaching40%offundingtoupstreamcategories,upfrom24%in2023.

Aseverthanksforreadingandpleasebeintouchifyouwanttosupportfutureiterationsofthisreport.

LouisaBurwood-TaylorandtheAgFunderteam

04AfricaAgrifoodtechInvestmentReport2024

Aboutus

FMO

VENTURES

AYFUNDERAF

AgFunderisoneoftheworld’smostactivefoodtechandagtechVCs.We’rerethinkingventurecapitalforthe21stcentury.BorninSiliconValleyin2013,weusetechnology,mediaandourglobalnetworktoinvestinandsupporttransformationalfounders

andtechnologies.

Withtheworld’sonlyglobalagrifoodtech

investmentportfolio,we’veinvestedinmorethan60companiesacrosssixcontinents.

FMO,theDutchentrepreneurial

developmentbank,supportssustainable

privatesectorgrowthbyinvestingin

ambitiousprojectsandentrepreneurs.TheFMOVenturesProgram,co-fundedbythe

DutchMinistryofForeignAffairsandthe

EuropeanUnion,focusesonfintech,accesstoenergy,andagrifoodtech.

AgFunderNewsreportsontheevolution

oftheglobalfoodandagriculturesystem.Bygoingbeyondtheheadlines,weanalyzethepeople,companiesandtechnologies

aimingtoimprovehumanandplanetary

health.Publishingdailynews,ourteamofawardwinningjournalistsdeliversdeeperinsightonthegrowingfoodtech,agtechandclimatetechindustries.Amultimediapublication,AgFunderNewsisadivision

ofAgFunderInc,oneoftheworld’smostactiveagrifoodtechventurecapitalfirms.

05AFRICAAGRIFOODTECHINVESTMENTREPORT2024|AGFUNDER.COM

Keyinsights

●●

●●●●●S

●●

●

Africanagrifoodtechstartupsraised$275millionin2023,

a62%year-over-yeardecline

versus2022.Inayearwhen

overallagrifoodtechfunding

dropped50%,Africaaccountedforjust1.6%ofthetotal.

Overthelast10years,investorshavecontributed$2.4billiontoAfricanagrifoodtechventures

outofthe$222billionpumpedintothesectorglobally.

Africanagrifoodtechstartupsraised$145millioninH12024,

a1.6%increasevsH1,2023,

suggestingsignsofrecovery

followingthepost-boom

correctionswitnessedin2023.

TheriseinfundinginH12024wasaccompaniedbya27%decrease

indealcount,asinvestorsfocusedlessonseedstagedealsand

moreonfinancinggrowth.

Kenyahasbeenthemost

activecountryin2024sofar,

attracting$83millionacross19deals,accountingfor53%of

totalinvestmentinthecontinent.Egyptwassecondwith15%,

andNigeriathirdat10%.

In2023,startupsinupstreamcategoriessuchasFarm

RoboticsandAgMarketplaces

securedthemostinvestment,

accountingfor51%oftotal

funding.Sofarin2024,upstreamhasreacheda61%shareoftotalinvestmentwith$96million.

Ofallthecategoriesdefined

byAgFunder,AgMarketplaces&Fintechisthetop-funded

categoryin2024,attracting$65millionacross17deals,and41%oftotalfunding.

In2024onlysixcompaniesoutofthe304thatprovidedgenderdata

hadanall-femalefoundingteam,

just2%ofthetotal.In2024,all-

femalefoundingteamshaveraised$0.1millionacrosstwodeals,whilegender-diverseteamsraisedcloseto$21millionacrosssevendeals.

Climate-tech-relatedstartupssecured21.5%ofupstream

fundingin2023,with$31millionofcapitalraisedacross27

deals.In2024theyhavealreadysecured40.5%ofupstream

funding,with$45millionof

capitalraisedacross13deals.

Therewere75seed-stagedealsin2023,amountingto$60million,and29sofarin2024,amountingtojustunder$18million.

06

AfricaAgrifoodtechInvestmentReport2024

Keyinsights

BIGGESTDOWNSTREAMCATEGORY

In-StoreRetail&RestaurantTech

$61MILLIONFUNDING

BIGGESTDEALOF2023

KENYA’S

Marketforce

$40MILLIONFUNDING

IN-STORERETAIL&RESTAURANTTECH

BIGGESTUPSTREAMCATEGORY

BIGGESTAGRIBUSINESS

TOTALAGRIFOODTECHINVESTMENTSIN2023

MARKETPLACES&FINTECHDEAL

KENYA’S

TwigaFoods

Agribusiness

$275million

Marketplaces

FUNDING

&Fintech

$35MILLIONFUNDING

$73MILLIONFUNDING

AgFunder

07AfricaAgrifoodtechInvestmentReport2024

AgFunderisapioneerinagrifoodtech.Witha

historyofsupportingentrepreneurslongbefore

thisbecameatopiconinvestors’agendas,thefirmhasinvestedinmorethan60companiesacross6

continents.Currently,itmanagesanAUMexceeding$300macrossbothearlystageandgrowthfunds,

withofficesinSiliconValley,LondonandSingapore.

AgFunder

AgFunderhasinvestedinworld-leadingdeep

techstartupsthattackleimportantthemes

suchasautomation,carbonmarkets,food

asmedicine,sustainability,greenammonia,

andmore.Theseinvestmentsincludeclean

ammoniaproducerNium,no-codeAImaterialsdiscoveryplatformAtinary,the“Ozempicfor

pain”companyMimeticMedicines,fast-growingfarmeremergingmarketmarketplaceDehaat,

andfood-as-medicinediscoveryplatformsBrightseedandFaethTherapeutics.

OneofthekeystoAgFunder’ssuccessisits

mediaandresearcharm,AgFunderNews,whichhasbecometheglobalepicenterforagrifood

technologyintelligencewithsubscribers

fromtopstakeholdersacrossthelandscape.

TogetherwithGAIA,AgFunder’sdatabaseandproprietarymachinelearningplatform,thefirmhasdevelopedauniqueabilitytosourcedeals,expertise,investors,networks,andinformationforitsportfoliocompaniesandLPs.

AFUNDER

AgFunderfocusesonsupportingthebest

entrepreneursandcompanies,regardlessof

theirgeographicallocation.Withroughly50%ofitscompaniesbasedintheUS,atrackrecordofsuccessfulexits,andaglobalnetwork,AgFunderhasestablisheditselfasthego-topartner

forinvestorsseekingglobalexposuretotheagrifoodtechsector.

“AgFunderfocuseson

supportingthebest

entrepreneursand

companies,regardlessof

theirgeographicallocation.”

NotableLPsthathavebeenattractedby

AgFunder’sdiverseandcompellingportfolio

includeJapan’s$1trillionagriculture,fisheries,

andforestrybank,TheNorinchukinBank;twoof

themostrenownedEuropeanclimate-focused

familyoffices;multiplebrand-namecorporate

investorsinternationally;andoneofthetopUS

agriculturaluniversityendowments;amongothers.

08AFRICAAGRIFOODTECHINVESTMENTREPORT2024|AGFUNDER.COM

2024

Investmenthighlights

TotalfundingUSDmillion

AfricaAgrifoodtechInvestmentReport2024

2023agrifoodtech

globalfundingvsAfrica

Africaagrifoodtechinvestmentbyyear

(USDmil)

$732M

1.6%

ofglobal

agrifoodtech

VC

800

700

$531M

600

500

400

$275M

300

$207M

$161M$170M$157M

200

$110M

$29M

100

$16M

$6M

0

2015

2016

2017

2018201920202021202220232024*

2014

●AfricaGlobal

*asofAugust16,2024

09

10yearsofagrifoodtech

inAfrica

$275million

raisedinAfricain2023

$16.8billion

raisedgloballyin2023

Africarepresented

1.6%ofglobalfundingin2023

$2.4billion

raisedinAfricasince2014

$157million

raisedinAfricain2024sofar

10

AfricaAgrifoodtechInvestmentReport2024

10-yearfundingbycountry

$26M17

DEALS

$28M

TUNISIA

31

$301M

inAfrica

10yearsofagrifoodtech

DEALS

MOROCCO

EGYPT

Top10countriesby

investment2014-2023

Overthelast10years,globalinvestors

NAMIBIA

havecontributedatotalof$2.4billionto

t

Africanagrifoodtechventures.Following

$833M

KENYA

NIGERIA

GHANA

thesurgethatmade2021and2022record-breakingyears,2023witnesseda62%

year-on-yeardropintotalinvestment,

$56M

$36M20

DEALS

but2024hassofarshownmildsignsofrecovery,withfundinginH12024upamodest1.6%vsH12023.

44

DEALS

Investmenthasbeenheavilyconcentratedincertainregions,withKenyareceiving

ZAMBIA

$30M15

DEALS

$326M

thelargestshareofagrifoodtechfundingat$833million,or37%ofthetotalraisedbetween2014and2023.Thetopfour

MAURITIUS

Ranking

countries—Kenya,SouthAfrica,Nigeria,andEgypt—jointlyaccountedfor88%

1

KENYA

$833M

2

SOUTHAFRICA

$511M

3

NIGERIA

$326M

4

EGYPT

$301M

5

GHANA

$56M

6

ZAMBIA

$36M

7

MAURITIUS

$30M

8

MOROCCO

$28M

9

TUNISIA

$26M

10

NAMIBIA

$18M

ofthetotalinvestmentinthecontinent,attractingalmost$2billion.

$18M3

DEALS

SOUTHAFRICA

$511M

11AfricaAgrifoodtechInvestmentReport2024

TotalfundinginAfricainUSDmilforthelast5years,H1vsFY

Africa

2024sofar

$732M

800

Firsthalfvsfullyearduringthelast5years

Aftersubstantialnegativecorrectionin

$531M

600

2023,Africanagrifoodtechstartupsraised$145millioninH12024.

TotalfundingUSDmillion

$496M

Thisslightriseinfundingwas

accompaniedbyadecreaseddealcount,

whichdropped26.5%yearoveryearto39deals.Thissuggestsinvestorsarecurrentlyfocusingcapitalonfewercompanies.

400

$275M

Fundingforallof2024sofar*hasreached$157millionacross47deals;fundingin

$207M

2023totaled$275millionover103deals.

$157M47

$145M39

$143M53

200

DEALS

$78M84

DEALS

DEALS

DEALS

$76M53

DEALS

0

20202021202220232024*

*asofAugust16,2024

●H1●FY

AfricaAgrifoodtechInvestmentReport2024

Top10countriesbyfundinginAfricain2024*sofar

$13M2

DEALS

MOROCCO

$24M6

DEALS

EGYPT

$0.1M1

DEAL

UGANDA

$0.5M1

DEAL

SENEGAL

t

SIERRALEONE

$8M1

DEAL

KENYA

$10M

GHANA

$83M

TANZANIA

5

19

DEALS

DEALS

Ranking

$2M2

DEALS

1KENYA$83M

2EGYPT$24M

3NIGERIA$15M

4MOROCCO$13M

5GHANA$10M

6SIERRALEONE$8M

7TANZANIA$2M

8SOUTHAFRICA$1.5M

9SENEGAL$0.5M

10UGANDA$0.1M

$15M5

DEALS

$1.5M

SOUTH

NIGERIAAFRICA

4

DEALS

*asofAugust16,2024

12

Africa

2024sofar

Top10countries

Kenyahasre-emergedasthetopAfricanhubofagrifoodtechinvestmentin2024,attracting$83millionacross19deals—some53%ofthecontinent’stotal.

Egypt,with15%oftotalinvestment,andNigeriawith10%.Notably,Egyptmadeasignificantleap,climbingthreepositionsfromits2023ranking.Nigeriahasfallenfromitstopspotraisingbothintermsofdealflowandtotalfunding.

13AfricaAgrifoodtechInvestmentReport2024

Totalfundingbyquarterinthelast5years

(USDmil)

Africa

last5years

$371M

Investmentbyquarter

400

61

DEALS

Acrossthelastfiveyears,investment

$311M

52

350

DEALS

peakedinQ12022,thendeclinedastheglobalfundingenvironmentdeteriorated.

300

It’stooearlytosayhowthingswillpan

TotalfundingUSDmillion

outforthefullyearin2024,butthe27%increaseinfundinginQ2vsQ1shows

250

somegroundsforoptimism.

$141M42

200

$142M55

Theincreaseinfundingwasaccompaniedbya50%dropindealcount,showinga

$124M46

DEALS

DEALS

150

$96M44

preferenceforlargerdealsduringthesecondquarterof2024.

$81M13

$91M25

$84M32

DEALS

$82M21

$63M53

$64M26

$61M32

DEALS

DEALS

DEALS

DEALS

DEALS

$47M31

100

DatafromQ32024arestillpartialandshownpurelyforreference.

$40M34

$36M19

DEALS

DEALS

DEALS

$15M31

DEALS

$11M8

$41M25

DEALS

DEALS

DEALS

50

DEALS

DEALS

0

2020Q2

2022Q3

2021Q2

2020Q1

2020Q4

2020Q3

2021Q4

2022Q2

2022Q1

2022Q4

2021Q1

2023Q1

2023Q2

2023Q3

2023Q4

2024Q1

2024Q2

2024*Q3

2021Q3

*asofAugust16,2024

14AFRICAAGRIFOODTECHINVESTMENTREPORT2024|AGFUNDER.COM

2024

Investmenttrends

15AfricaAgrifoodtechInvestmentReport2024

Topread

AFNAfricaarticles

GatesFoundation’sagtecharmsetsupshopinSt.LouistohelpsmallholdersinAfrica

Varaharaises$8.7mtohelpsmallholdersinAsia&Africatransitiontoclimate-friendlyfarmingmethods

Fromseedvarietiesto

financeaccess,South-SouthcollaborationsarecriticaltoboostingAfricanagriculture

WithanewgrantfromGates

Foundation,LegumeTechnologyaimstorescueAfrica’s

deterioratingsoils

TotalfundinginUSDmil

AfricaAgrifoodtechInvestmentReport2024

FundinginAfricabysupplychainforthelast5years

(USDmil)

$284M

$140M

82

87

DEALS

DEALS

$200M

$280M

26

35

DEALS

DEALS

$248M

$111M69

DEALS

85

300

DEALS

$8M

$79M

27

33

$50M50

DEALS

DEALS

DEALS

$18M

250

$37M

$5M

31

$11M

$56M

10

21

DEALS

10

19

DEALS

DEALS

DEALS

DEALS

$51M

200

$50M

$24M

$12M

18

14

$142M

$141M

$2M

$16M13

DEALS

9

4

DEALS

DEALS

37

51

10

$1M

7

DEALS

DEALS

DEALS

DEALS

DEALS

150

DEALS

$107M

$103M

$96M

$94M

48

43

$0.1M

$0.1M3

DEALS

30

30

DEALS

DEALS

2

DEALS

DEALS

100

$2M

DEALS

3

$28M24

DEALS

DEALS

$0.2M13

DEALS

50

$2.5M

6

DEALS

0

20142015201620172018201920202021202220232024*

●UpstreamMidstreamDownstream

*asofAugust16,2024

16

Investments

bysupplychain

2020-2024

Upstream(e.g.,farmrobotics,ag

marketplaces)hasbeenthestrongest

supplychainsegmentinAfricasince

2020,accountingfor37%oftotalfundingwith$702millionacross283deals.

MidstreamandDownstreamsegments

wereneckandneck,accountingfor32%and31%oftotalfunding,respectively.

Downstream,whichincludescategorieslikeeGroceryandrestauraattech,

hassteadilylostsharetoupstreaminthepost-pandemicperiod.

In2023,upstreamstartupslikeFarmRobotics

andAgMarketplacesgarnered51%oftotalagrifoodtechinvestmentthatyear.

Thatupwardtrajectorycontinuesin2024asstartupssofarhave

raised61%oftotalinvestment.

AfricaAgrifoodtechInvestmentReport2024

5years

Fundingin

thelast

Africabycategoryfor

$0.5M2

DEALS

$3M

3

DEALS

$0.8M3

DEALS

$0.2M2

DEALS

$1.2M

AgBiotechnology

2

DEALS

$65M17

DEALS

$49M21

DEALS

$183M44

DEALS

$73M

$86M

AgMarketplaces&Fintech

32

18

DEALS

DEALS

$31M8

DEALS

$17M4

DEALS

$5M

6

DEALS

$4M

7

DEALS

$0M2

DEALS

Bioenergy&Biomaterials

$2M

2

DEALS

$23M7

DEALS

$11M

18

DEALS

$2M

9

DEALS

$7M

12

DEALS

FarmMgmtSW,Sensing&IoT

$0M3

DEALS

$14M2

DEALS

$12M5

DEALS

$10M2

DEALS

$28M2

DEALS

FarmRobotics,Mechanization&Other…

$3M

5

DEALS

$3M

8

DEALS

$1.4M2

DEALS

$0.1M

3

InnovativeFood

DEALS

$14M7

DEALS

$2M

8

DEALS

$13M9

DEALS

$36M5

DEALS

$0.4M1

DEALS

Novel

FarmingSystems

050100150200250300

USDmil

2021

2024*

2023

2022

*asofAugust16,2024

2020

17

Investments

bycategory

AgFunderCategoriesinsidetheupstreamsupplychain

In2024sofartheupstreamcategory

AgMarketplaces&Fintechhastaken

a41%shareoffundingacrossall

categories,securingthetopspotwith$65millionacross17deals.FarmRobotics,

Mechanization&OtherFarmEquipmenthastakena17.5%sharewith$28million,thankstotwolargedeals,whileFarm

ManagementSoftware,SensingandIoTgathered$1.5million(1%)across2deals.

AfricaAgrifoodtechInvestmentReport2024

thelast5years

inAfricabycategoryfor

Funding

$23M21

DEALS

$1M

3

DEALS

$9M

12

DEALS

$1M

4

DEALS

$4M

6

DEALS

RetailInfrastructure

Cloud

$14M

12

DEALS

$5M

15

DEALS

$16M3

DEALS

$45M

20

DEALS

$7M

7

DEALS

eGrocery

$12M1

DEALS

$0.9M4

DEALS

$10M2

DEALS

$8M

6

DEALS

$1.2M

Home&CookingTech

6

DEALS

$6M2

DEALS

$24M

$61M

$50M

$219M

In-storeRetail&RestaurantTech

15

15

33

33

DEALS

DEALS

DEALS

DEALS

MidstreamTechnologies

$24M9

DEALS

$23M

$56M

$269M

$180M

34

17

24

19

DEALS

DEALS

DEALS

DEALS

$28M1

DEALS

$20M2

DEALS

$11M1

DEALS

Miscellaneous

$0.9M5

DEALS

$35M18

DEALS

$16M8

DEALS

$19M

10

DEALS

$3M1

DEALS

OnlineRestaurants&Marketplaces

200

150

100

50

0

250

300

2024*USDmil*asofAugust16,2024

2023

2022

2021

2020

18

Investments

bycategory

AgFunderCategoriesinsidethemidstreamanddownstream

supplychains

In2024sofarthecategoryMidstream

Technologiesraised$24million,a15%shareoffundingacrossallcategories,

overninedeals.EGroceryaccountedfor3dealsworth$16million,a10%shareofallfundingintheyeartodate.Home&

Cookingtechgathered$12million(7%)withasingledeal.

19AFRICAAGRIFOODTECHINVESTMENTREPORT2024|AGFUNDER.COM

Agrifoodtechcategories

indepth

AfricaAgrifoodtechInvestmentReport2024

Note:thissection’sfiguresreferexclusivelytocompanieswithdataaboutgender

Africancompaniesbygenderratioasof2024

Total10yrfundinginAfricabygender

Total2024fundinginAfricabygender

2%

$0.1M

$124M

6

2

58

COMPANIES

$159M

$21M

DEALS

DEALS

17%

99

7

52

DEALS

DEALS

COMPANIES

81%

246

COMPANIES

$1.8B

$100M28

DEALS

Female-onlyfoundingteam

Gender-diversefoundingteam

Male-onlyfoundingfoundingteam

20

Investments

bygender

In2024,304outof494African

companies,or62%ofthestartupsonourrecord,hadavailablegenderdata.

Amongthose,justsix(2%)hadafemale-onlyfoundingteam,52(17%)hadagenderdiversefoundingteam,andtheremaining246(81%),hadamale-onlyfoundingteam.

Fundingactivityforcompanieswith

genderdataduringthe2014-2023periodsawcompanieswithfemale-onlyfoundingteamsraise$124million(6%oftotal

funding)across58deals,whilegender-

diversefoundingteamsraised$159million(7.5%oftotalfunding)across99deals,

andcompanieswithmale-onlyfounding

teamsgathered$1.8billion(86.5%oftotalfunding)across528deals.

In2024female-onlyfoundingteamshavesofarraisedonly$0.1millionfromtwo

deals,whilegenderdiverseteamshaveraisedcloseto$21millionacrosssevendeals.Male-onlyfoundingteamsraised$100millionacross28deals.

AfricaAgrifoodtechInvestmentReport2024

Fundingamountdistributionbygendersince2014

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2014201520162017201820192020

2021202220232024

●Female-onlyfoundingteam●Gender-diversefoundingteam

●Male-onlyfoundingfoundingteam

21

Investments

bygender

Fundingbyfoundingteam’sgendermixsince2014(USDmil)

Gender-diverse

0

0

2

30

2

6

16

25

58

21

21

Female

-only

Male

-only

2023

2024

2020

2022

2018

2015

2014

2019

2016

2017

2021

572

180

152

187

129

100

471

43

49

80

24

14

8

3

3

4

0

0

2

2

1

1

InnovativeFood

NovelFarmingSystems

FarmRobotics,Mechanization&OtherFarmEq

FarmMgmtSW,Sensing&IoT

Bioenergy&Biomaterials

AgMarketplaces&Fintech

AgBiotechnology

USDmil

AfricaAgrifoodtech

InvestmentReport2024

$0.2M

21%

FUNDING

2

DEALS

90

$77M

22

DEALS

80

70

$0.9M1

DEALS

60

Climate-related

companiesraised$31million

50

$35M

3

40

DEALS

$9M

15

DEALS

30

$17M

$0M

79%

FUNDING

4

1

$2M

DEALS

20

DEALS

$3M

3

DEALS

4

$0M2

DEALS

$0M1

DEALS

DEALS

10

0

Non-climate-relatedcompaniesraised

$114million

Non-climatetech

Climatetech

22

Climatetech

Investing

Upstreamcategoryactivityin2023byclimatetech

Theupstreamsupplychainplaysa

significantroleinaddressingclimate

change,particularlyinareassuchasfarmmanagement,inputproduction,andfoodmanufacturing.

CategoriessuchasInnovativeFood

(e.g.,meatalternatives)andNovel

FarmingSystems(e.g.,greenhousesandaquaculture)arestronglyalignedwithclimategoals.

Meanwhile,sectorssuchasFarm

ManagementSoftware,FarmRobotics,andAgBiotechnologymayincludestartups

withclimate-positiveapplications,thoughtheconnectionisoftenlessdirect.

Climate-tech-relatedstartupssecured

21%ofupstreamfundingin2023,with$31millionofcapitalraisedacross27deals,

versus$114millionraisedacross31dealsbynon-climate-tech-relatedcompanies.

InnovativeFood

NovelFarmingSystems

FarmRobotics,Mechanization&OtherFarmEq

FarmMgmtSW,Sensing&IoT

Bioenergy&Biomaterials

AgMarketplaces&Fintech

AgBiotechnology

USDmil

AfricaAgrifoodtechInvestmentReport2024

$0M

1

DEALS

40%

FUNDING

$67M

17

60

50

40

30

20

10

70

0

DEALS

Cl