Early-stage investors have pumped more than $1 billion into African startups in the food and agricultural innovation industry between 2016 and 2021.
2021 was a fundraising record-breaking investment hitting an amount of $482.3 million from $185 million raised in 2020. Despite the slide in global venture capital markets in 2022, Africa agrifoodtech surged to an amount of $636 million.
Of the $636 million, startups in the category of in-store retail & restaurant tech raised the largest fund of $197 million, while Midstream technologies and Agriculture marketplaces & fintech startups raised $170 million and $131 million respectively.
Other categories that secured funding were Cloud Retail Infrastructure, E-Grocer, Bioenergy and biomaterials, Farm Robotics, mechanization + equipment, a novel farming system, Home and cooking, etc.