Afrocom NEWS

A report on investment in Agrifood technology in Africa has been published: Egypt, Nigeria and Kenya clinched 90% of the capital

According to AgFunder's this year in Africa AgriFoodTech Investment Report, investors have poured more than $1 billion into African food and agriculture innovation startups over the past 5 years, reaching a record $482 million in 2021 alone. That's a 250% increase over 2020, but still less than 1% of global investment in agri-foodtech.

Given that Africa is home to about 18% of the world's population, and the food and agriculture industries represent a significant component of most African economies, there is clearly a funding gap on the continent.

In 2021, there were 150 investment deals involving startups from Nigeria (38 deals), Egypt (36) and Kenya (32). Together, startups from these three countries secured 87.6% of the total investment in African Agrifood technology in 2021.