In 2019, agriculture technology companies in Africa secured $78.346 million USD across 43 deals. Despite the reduction in funding rounds seen earlier this year (see our Q2 Funding report for more detail), agriculture technology companies have already raised $66.401 million USD in 2020 (year to date).
In a recent report, McKinsey estimate that Agriculture contributes to 23% of the GDP of Africa as a whole, and provides employment of 60% of the economically active population of sub-Saharan Africa. So perhaps it is no surprise that investment into technology companies supporting such a strategically important sector has increased despite the challenges faced as a result of the coronavirus (COVID-19) pandemic.
In this report we take a closer look at some of the business models and companies that have caught our eye, as well as funding trends across Africa since 2019.
Breakdown of deals by solution or service offering secured by AgTech companies in Africa since 2015: