1、Africa AgriFoodTechInvestment Report ContentsMercy Corps03 Introduction04 About us05 Key insights07 AgFunder08 2024 Investment highlights14 2024 Investment trends19 Agrifoodtech categories in-depth24 Investments by stage26 Startup spotlight28 Appendix31 ContactAfrica Agrifoodtech Investment Report 2

2、02402African agrifoodtech investing in 2024This is our third edition of the Africa agrifoodtech investment report and its certainly been an interesting time.From a peak of over$700 million in funding in 2022,it crashed to a trough of$275 million last year in 2023.We dont yet know if 2024 will fare b

3、etter although in the first half of the year there were signs of recovery with a modest 1.6%year-over-year increase in funding.If investment in Nigeria is an indicator of the overall health of African agrifoodtech then we might be in for another down year as the country has fallen from being the mos

4、t active regional market in the sector to the third,closing just five deals worth$15 million so far in 2024.Theres also been movement in terms of the most popular categories for investment.Agribusiness Marketplaces&Fintech have overtaken Midstream Tech and In-Store Retail Tech to be the most popular

5、 category in 2023 and so far in 2024,taking 41%of all funding dollars and 36%of deal activity.There appear to be signs of increased gender diversity among founding teams however those with female founders raise disproportionally less than their male-led counterparts.On a positive note,climate tech f

6、unding has increased as a portion of overall investment so far in 2024,reaching 40%of funding to upstream categories,up from 24%in 2023.As ever thanks for reading and please be in touch if you want to support future iterations of this report.Louisa Burwood-Taylor and the AgFunder teamAfrica Agrifood

7、tech Investment Report 202403About usAgFunder is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21st century.Born in Silicon Valley in 2013,we use technology,media and our global network to invest in and support transformational founders and technologie

8、s.With the worlds only global agrifoodtech investment portfolio,weve invested in more than 60 companies across six continents.AgFunderNews reports on the evolution of the global food and agriculture system.By going beyond the headlines,we analyze the people,companies and technologies aiming to impro

9、ve human and planetary health.Publishing daily news,our team of award winning journalists delivers deeper insight on the growing foodtech,agtech and climate tech industries.A multimedia publication,AgFunderNews is a division of AgFunder Inc,one of the worlds most active agrifoodtech venture capital

10、firms.FMO,the Dutch entrepreneurialdevelopment bank,supports sustainableprivate sector growth by investing inambitious projects and entrepreneurs.TheFMO Ventures Program,co-funded by theDutch Ministry of Foreign Affairs and theEuropean Union,focuses on fintech,accessto energy,and agrifoodtech.Africa

11、 Agrifoodtech Investment Report 202404Key insightsAfrican agrifoodtech startups raised$275 million in 2023,a 62%year-over-year decline versus 2022.In a year when overall agrifoodtech funding dropped 50%,Africa accounted for just 1.6%of the total.Over the last 10 years,investors have contributed$2.4

12、billion to African agrifoodtech ventures out of the$222 billion pumped into the sector globally.African agrifoodtech startups raised$145 million in H1 2024,a 1.6%increase vs H1,2023,suggesting signs of recovery following the post-boom corrections witnessed in 2023.The rise in funding in H1 2024 was

13、accompanied by a 27%decrease in deal count,as investors focused less on seed stage deals and more on financing growth.Kenya has been the most active country in 2024 so far,attracting$83 million across 19 deals,accounting for 53%of total investment in the continent.Egypt was second with 15%,and Niger

14、ia third at 10%.In 2023,startups in upstream categories such as Farm Robotics and Ag Marketplaces secured the most investment,accounting for 51%of total funding.So far in 2024,upstream has reached a 61%share of total investment with$96 million.Of all the categories defined by AgFunder,Ag Marketplace

15、s&Fintech is the top-funded category in 2024,attracting$65 million across 17 deals,and 41%of total funding.In 2024 only six companies out of the 304 that provided gender data had an all-female founding team,just 2%of the total.In 2024,all-female founding teams have raised$0.1 million across two deal

16、s,while gender-diverse teams raised close to$21 million across seven deals.Climate-tech-related startups secured 21.5%of upstream funding in 2023,with$31 million of capital raised across 27 deals.In 2024 they have already secured 40.5%of upstream funding,with$45 million of capital raised across 13 d

17、eals.There were 75 seed-stage deals in 2023,amounting to$60 million,and 29 so far in 2024,amounting to just under$18 million.AFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM05BIGGEST UPSTREAM CATEGORYAgribusinessMarketplaces&Fintech$73 MILLION FUNDINGBIGGEST AGRIBUSINESSMARKETPLACES&FINTECH D

18、EALKENYASTwiga Foods$35 MILLION FUNDINGKey insightsTOTAL AGRIFOODTECHINVESTMENTS IN 2023$275 millionFUNDINGBIGGEST DOWNSTREAM CATEGORYIn-Store Retail&Restaurant Tech$61 MILLION FUNDINGBIGGEST DEAL OF 2023KENYASMarketforce$40 MILLION FUNDINGIN-STORE RETAIL&RESTAURANT TECHAfrica Agrifoodtech Investmen

19、t Report 202406AgFunder is a pioneer in agrifoodtech.With a history of supporting entrepreneurs long before this became a topic on investors agendas,the firm has invested in more than 60companies across 6 continents.Currently,it manages an AUM exceeding$300m across both early stage and growth funds,

20、with offices in Silicon Valley,London and SAgFunder has invested in world-leading deep tech startups that tackle important themes such as automation,carbon markets,food as medicine,sustainability,green ammonia,and more.These investments include clean ammonia producer Nium,no-code AI materials discov

21、ery platform Atinary,the“Ozempic for pain”company Mimetic Medicines,fast-growing farmer emerging market marketplace Dehaat,and food-as-medicine discovery platforms Brightseed and Faeth Therapeutics.One of the keys to AgFunders success is its media and research arm,AgFunderNews,which has become the g

22、lobal epicenter for agrifood technology intelligence with subscribers from top stakeholders across the landscape.Together with GAIA,AgFunders database and proprietary machine learning platform,the firm has developed a unique ability to source deals,expertise,investors,networks,and information for it

23、s portfolio companies and LPs.AgFunder focuses on supporting the best entrepreneurs and companies,regardless of their geographical location.With roughly 50%of its companies based in the US,a track record of successful exits,and a global network,AgFunder has established itself as the go-to partner fo

24、r investors seeking global exposure to the agrifoodtech sector.Notable LPs that have been attracted by AgFunders diverse and compelling portfolio include Japans$1 trillion agriculture,fisheries,and forestry bank,The Norinchukin Bank;two of the most renowned European climate-focused family offices;mu

25、ltiple brand-name corporate investors internationally;and one of the top US agricultural university endowments;among others.AgFunderAgFunder“AgFunder focuses on supporting the best entrepreneurs and companies,regardless of their geographical location.”Africa Agrifoodtech Investment Report 2024072024

26、InvestmenthighlightsAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM0810 years ofagrifoodtechin Africa$275 million raised in Africa in 2023$16.8 billion raised globally in 2023 Africa represented 1.6%of global funding in 2023$2.4 billion raised in Africa since 2014$157 million raised in Afric

27、a in 2024 so far8007006005004003002001000Total funding USD million20142015201620172018202220232024*202120202019 Africa agrifoodtech investment by year(USD mil)$6M$16M$29M$110M$161M$170M$207M$531M$732M$275M$157M2023 agrifoodtechglobal funding vs Africa Africa Global 1.6%of global agrifoodtech VC*as o

28、f August 16,2024Africa Agrifoodtech Investment Report 202409$18M3DEALS$56M44DEALS$326M103DEALS$301M169DEALS$833M217DEALS$511M175DEALS$28M31DEALS$26M17DEALSNAMIBIATUNISIAMOROCCONIGERIAEGYPTMAURITIUSSOUTH AFRICAKENYAGHANAZAMBIA$30M15DEALS$36M20DEALS10-year funding by country10 years ofagrifoodtechin A

29、fricaTop 10 countries by investment 2014-2023Over the last 10 years,global investors have contributed a total of$2.4 billion to African agrifoodtech ventures.Following the surge that made 2021 and 2022 record-breaking years,2023 witnessed a 62%year-on-year drop in total investment,but 2024 has so fa

30、r shown mild signs of recovery,with funding in H1 2024 up a modest 1.6%vs H1 2023.Investment has been heavily concentrated in certain regions,with Kenya receiving the largest share of agrifoodtech funding at$833 million,or 37%of the total raised between 2014 and 2023.The top four countriesKenya,Sout

31、h Africa,Nigeria,and Egyptjointly accounted for 88%of the total investment in the continent,attracting almost$2 billion.Ranking1KENYA$833M2SOUTH AFRICA$511M3NIGERIA$326M4EGYPT$301M5GHANA$56M6ZAMBIA$36M7MAURITIUS$30M8MOROCCO$28M9TUNISIA$26M10NAMIBIA$18MAfrica Agrifoodtech Investment Report 202410Afri

32、ca2024 so farFirst half vs full year during the last 5 yearsAfter substantial negative correction in 2023,African agrifoodtech startups raised$145 million in H1 2024.This slight rise in funding was accompanied by a decreased deal count,which dropped 26.5%year over year to 39 deals.This suggests inve

33、stors are currently focusing capital on fewer companies.Funding for all of 2024 so far*has reached$157 million across 47 deals;funding in 2023 totaled$275 million over 103 deals.$496M107DEALS$732M193DEALS$78M84DEALS$531M191DEALS$143M53DEALS$275M103DEALS$145M39DEALS$157M47DEALS02004006008002020202120

34、2220232024*Total funding in Africa in USD mil for the last 5 years,H1 vs FY H1 FYTotal funding USD million$76M53DEALS$207M116DEALS*as of August 16,2024Africa Agrifoodtech Investment Report 202411$10M5DEALS$15M5DEALS$24M6DEALS$83M19DEALS$1.5M4DEALS$13M2DEALSMOROCCONIGERIAEGYPTSOUTH AFRICAKENYATANZANI

35、AGHANASIERRA LEONESENEGALUGANDA$0.5M1DEAL$2M2DEALS$8M1DEAL$0.1M1DEALTop 10 countries by funding in Africa in 2024*so farRanking1KENYA$83M2EGYPT$24M3NIGERIA$15M4MOROCCO$13M5GHANA$10M6SIERRA LEONE$8M7TANZANIA$2M8SOUTH AFRICA$1.5M9SENEGAL$0.5M10UGANDA$0.1MAfrica2024 so farTop 10 countriesKenya has re-e

36、merged as the top African hub of agrifoodtech investment in 2024,attracting$83 million across 19 dealssome 53%of the continents total.Egypt,with 15%of total investment,and Nigeria with 10%.Notably,Egypt made a significant leap,climbing three positions from its 2023 ranking.Nigeria has fallen from it

37、s top spot raising both in terms of dealflow and total funding.*as of August 16,2024Africa Agrifoodtech Investment Report 202412Africalast 5 yearsInvestment by quarterAcross the last five years,investment peaked in Q1 2022,then declined as the global funding environment deteriorated.Its too early to

38、 say how things will pan out for the full year in 2024,but the 27%increase in funding in Q2 vs Q1 shows some grounds for optimism.The increase in funding was accompanied by a 50%drop in deal count,showing a preference for larger deals during the second quarter of 2024.Data from Q3 2024 are still par

39、tial and shown purely for reference.0501001502002503003504002020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024*Q3Total funding USD millionTotal funding by quarter in the last 5 years(USD mil)$311M52DEALS$142M55DEALS$15M31DEALS$63M53DEALS$

40、84M32DEALS$47M31DEALS$36M19DEALS$40M34DEALS$371M61DEALS$124M46DEALS$141M42DEALS$96M44DEALS$61M32DEALS$82M21DEALS$41M25DEALS$91M25DEALS$64M26DEALS$81M13DEALS$11M8DEALS*as of August 16,2024Africa Agrifoodtech Investment Report 2024132024InvestmenttrendsAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUND

41、ER.COM14 Gates Foundations agtech arm sets up shop in St.Louis to help smallholders in Africa Varaha raises$8.7m to help smallholders in Asia&Africa transition to climate-friendly farming methods From seed varieties to finance access,South-South collaborations are critical to boosting African agricu

42、lture With a new grant from Gates Foundation,Legume Technology aims to rescue Africas deteriorating soilsTop read AFN Africa articles 15Africa Agrifoodtech Investment Report 2024Investments by supply chain2020-2024Upstream(e.g.,farm robotics,ag marketplaces)has been the strongest supply chain segmen

43、t in Africa since 2020,accounting for 37%of total funding with$702 million across 283 deals.Midstream and Downstream segments were neck and neck,accounting for 32%and 31%of total funding,respectively.Downstream,which includes categories like eGrocery and restauraat tech,has steadily lost share to up

44、stream in the post-pandemic period.In 2023,upstream startups like Farm Robotics and Ag Marketplaces garnered 51%of total agrifoodtech investment that year.That upward trajectory continues in 2024 as startups so far have raised 61%of total investment.Total funding in USD milFunding in Africa by suppl

45、y chain for the last 5 years(USD mil)05010015020025030020142015201620172018201920202021202220232024*Upstream Midstream Downstream$2.5M6DEALS$2M3DEALS$1M7DEALS$0.2M13DEALS$0.1M3DEALS$16M13DEALS$28M24DEALS$0.1M2DEALS$2M10DEALS$94M30DEALS$12M4DEALS$5M21DEALS$142M37DEALS$11M10DEALS$8M27DEALS$103M43DEALS

46、$50M14DEALS$18M31DEALS$107M48DEALS$51M18DEALS$50M50DEALS$111M69DEALS$280M35DEALS$140M87DEALS$248M85DEALS$200M26DEALS$284M82DEALS$141M51DEALS$56M19DEALS$79M33DEALS$96M30DEALS$24M9DEALS$37M10DEALS*as of August 16,2024Africa Agrifoodtech Investment Report 202416Investments by categoryAgFunder Categorie

47、s inside the upstream supply chainIn 2024 so far the upstream category Ag Marketplaces&Fintech has taken a 41%share of funding across all categories,securing the top spot with$65 million across 17 deals.Farm Robotics,Mechanization&Other Farm Equipment has taken a 17.5%share with$28 million,thanks to

48、 two large deals,while Farm Management Software,Sensing and IoT gathered$1.5 million(1%)across 2 deals.050100150200250300$1.2M2DEALS$0.8M3DEALS$0.5M2DEALS$3M3DEALS$0.2M2DEALSAg Biotechnology$49M21DEALS$86M32DEALS$183M44DEALS$73M18DEALS$65M17DEALSAg Marketplaces&Fintech$5M6DEALS$4M7DEALS$31M8DEALS$17

49、M4DEALS$0M2DEALSBioenergy&Biomaterials$11M18DEALS$2M2DEALS$23M7DEALS$2M9DEALS$7M12DEALSFarm Mgmt SW,Sensing&IoT$0M3DEALS$14M2DEALS$12M5DEALS$10M2DEALS$28M2DEALSFarm Robotics,Mechanization&Other$0.1M3DEALS$3M5DEALS$3M8DEALS$1.4M2DEALSInnovative Food$14M7DEALS$2M8DEALS$13M9DEALS$36M5DEALS$0.4M1DEALSNo

50、vel Farming SystemsFunding in Africa by category for the last 5 yearsUSD mil 2020 2021 2022 2023 2024*as of August 16,2024Africa Agrifoodtech Investment Report 202417Investments by categoryAgFunder Categories inside the midstream and downstream supply chainsIn 2024 so far the category Midstream Tech

51、nologies raised$24 million,a 15%share of funding across all categories,over nine deals.EGrocery accounted for 3 deals worth$16 million,a 10%share of all funding in the year to date.Home&Cooking tech gathered$12 million(7%)with a single deal.$4M6DEALS$9M12DEALS$23M21DEALS$1M4DEALS$1M3DEALS$5M15DEALS$

52、45M20DEALS$14M12DEALS$7M7DEALS$16M3DEALS$1.2M6DEALS$0.9M4DEALS$8M6DEALS$10M2DEALS$12M1DEALS$24M15DEALS$50M33DEALS$219M33DEALS$61M15DEALS$6M2DEALS$28M1DEALS$11M1DEALS$20M2DEALS$2M3DEALS$16M8DEALS$35M18DEALS$19M10DEALS$0.9M5DEALS$3M1DEALS$23M17DEALS$269M34DEALS$180M24DEALS$56M19DEALS$24M9DEALS05010015

53、0200250300Cloud Retail InfrastructureeGroceryHome&Cooking TechIn-store Retail&Restaurant TechMidstream TechnologiesMiscellaneousOnline Restaurants&MarketplacesFunding in Africa by category for the last 5 years 2020 2021 2022 2023 2024*as of August 16,2024USD milAfrica Agrifoodtech Investment Report

54、202418Agrifoodtechcategoriesin depthAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM19Investments by genderIn 2024,304 out of 494 African companies,or 62%of the startups on our record,had available gender data.Among those,just six(2%)had a female-only founding team,52(17%)had a gender diverse

55、 founding team,and the remaining 246(81%),had a male-only founding team.Funding activity for companies with gender data during the 2014-2023 period saw companies with female-only founding teams raise$124 million(6%of total funding)across 58 deals,while gender-diverse founding teams raised$159 millio

56、n(7.5%of total funding)across 99 deals,and companies with male-only founding teams gathered$1.8 billion(86.5%of total funding)across 528 deals.In 2024 female-only founding teams have so far raised only$0.1 million from two deals,while gender diverse teams have raised close to$21 million across seven

57、 deals.Male-only founding teams raised$100 million across 28 deals.Female-only founding team Gender-diverse founding team Male-only founding founding team17%52COMPANIES$159M99DEALS$21M7DEALS2%6COMPANIES$124M58DEALS$0.1M2DEALS81%246COMPANIES$1.8B528DEALS$100M28DEALSAfrican companies bygender ratio as

58、 of 2024Total 10yr funding inAfrica by genderTotal 2024 funding inAfrica by genderNote:this sections figures refer exclusively to companies with data about genderAfrica Agrifoodtech Investment Report 202420Investments by genderFunding by founding teams gender mix since 2014(USD mil)Female-onlyGender

59、-diverseMale-only 201420320151042016222420170308020183215220198612920201161802021142547120224358572202349211872024021100201420152016201720182022202320242021202020190%10%20%30%40%50%60%70%80%90%100%Female-only founding team Gender-diverse founding team Male-only founding founding teamFunding amount d

60、istribution by gender since 2014Africa Agrifoodtech Investment Report 202421Climate tech InvestingUpstream category activity in 2023 by climate techThe upstream supply chain plays a significant role in addressing climate change,particularly in areas such as farm management,input production,and food

61、manufacturing.Categories such as Innovative Food(e.g.,meat alternatives)and Novel Farming Systems(e.g.,greenhouses and aquaculture)are strongly aligned with climate goals.Meanwhile,sectors such as Farm Management Software,Farm Robotics,and Ag Biotechnology may include startups with climate-positive

62、applications,though the connection is often less direct.Climate-tech-related startups secured 21%of upstream funding in 2023,with$31 million of capital raised across 27 deals,versus$114 million raised across 31 deals by non-climate-tech-related companies.Non-climate tech Climate tech0102030405060708

63、090Ag BiotechnologyAg Marketplaces&FintechBioenergy&BiomaterialsFarm Mgmt SW,Sensing&IoTFarm Robotics,Mechanization&Other Farm EqNovel Farming SystemsInnovative Food$0M1DEALS$35M3DEALS$0.9M1DEALS$77M22DEALS$0.2M2DEALS$3M3DEALS$17M4DEALS$2M4DEALS$9M15DEALS$0M2DEALS$0M1DEALSClimate-related companies r

64、aised$31 million21%FUNDINGNon-climate-related companies raised$114 million79%FUNDINGUSD milAfrica Agrifoodtech Investment Report 202422Climate tech InvestingUpstream category activity in 2024*climate techIn 2024,the climate-tech sector has already secured 40%of upstream funding;startups have raised$

65、45 million across 13 deals compared to$67 million raised by non-climate deals.The largest deal for climate so far is in the Farm Robotics,Mechanization&Equipment category,which attracted$28 million via a single round.The most active category has been Farm Management Software,Sensing&IoT,with four de

66、als totaling$16 million.*as of August 16,2024Non-climate tech Climate tech010203040506070Ag BiotechnologyAg Marketplaces&FintechBioenergy&BiomaterialsFarm Mgmt SW,Sensing&IoTFarm Robotics,Mechanization&Other Farm EqNovel Farming SystemsInnovative Food$1M2DEALS$0.4M1DEALS$0.1M1DEALS$28M1DEALS$16M4DEA

67、LS$0M2DEALS$67M17DEALS$0M1DEALS$0.2M2DEALSClimate-related companies raised$45 million40%FUNDINGNon-climate-related companies raised$67 million60%FUNDINGUSD milAfrica Agrifoodtech Investment Report 202423Investmentsby stageAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM24Activity by stage2020

68、-2024By deal count,the seed stage has been the most active of all investment stages in Africa over the past five years,with 475 deals worth$313 million.Unsurprisingly,activity peaked in 2021 at the height of the funding bonanza,with 150 seed-stage deals,followed by 141 in 2022 and a more modest 75 i

69、n 2023.By amounts raised,series B rounds generated the biggest dollar figures,with$577 million over the past five years across 32 deals.Total funding in USD mil Seed A B C Late Debt05010015020025020202021202220232024*$22M80DEALS$72M16DEALS$71M7DEALS$38M9DEALS$94M150DEALS$150M14DEALS$132M6DEALS$53M3D

70、EALS$2M2DEALS$101M16DEALS$119M141DEALS$4M4DEALS$204M17DEALS$156M18DEALS$60M75DEALS$108M6DEALS$58M11DEALS$18M29DEALS$37M5DEALS$67M4DEALS$12M1DEALS$23M8DEALS$49M9DEALS$38M3DEALS$200M9DEALS$16M5DEALS$1M2DEALSFunding activity by stage 2020-2024*as of August 16,2024Africa Agrifoodtech Investment Report 2

71、02425StartupspotlightAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM26Startup spotlightYoLa Fresh YoLa Fresh is transforming Moroccos fresh produce supply chain by connecting smallholder farmers with retailers through a tech-driven logistics platform.We aim to reduce food waste,increase effi

72、ciency,and provide high-quality produce while boosting smallholder farmers incomes by offering them direct access to urban markets.How would you describe the African agrifoodtech ecosystem today?How has it changed in recent years with regards to the amount of resources or investors available to you?

73、The African agrifoodtech ecosystem has seen both rapid growth and increased challenges.While investor interest surged in 2022,2023 has brought funding slowdowns due to macroeconomic conditions.However,there remains significant backing for innovations that not only tackle food security but also focus

74、 on reducing food waste,improving water use efficiency,and lowering carbon emissions.Solutions that support smallholder farmers while mitigating climate impactssuch as YoLa Freshs platformcontinue to attract attention.What agrifood challenges is YoLa Fresh trying to solve?How did the business come t

75、o be?YoLa Fresh is addressing key challenges like food waste,inefficiencies in fresh produce distribution,and limited market access for smallholder farmers.Our technology-driven logistics platform enables farmers to deliver produce faster,reduce waste,and improve their livelihoods.The business was i

76、nspired by the need to create a more efficient and sustainable food system,one where smallholder farmers play a central role in reducing carbon emissions and water usage while accessing better markets.What does the next 5 years look like for you and your business?Over the next five years,YoLa Fresh

77、will scale across African markets,expanding our network of smallholder farmers and helping them increase their incomes through fair market access.Our focus on reducing food waste,cutting down water use,and minimizing carbon emissions will be key in building a more sustainable supply chain.We aim to

78、become a leader in fresh produce distribution across North Africa,driving both farmer prosperity and environmental sustainability.“Over the next five years,YoLa Fresh will scale across African markets,expanding our network of smallholder farmers and helping them increase their incomes through fair m

79、arket access.”Africa Agrifoodtech Investment Report 202427AppendixAFRICA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM28Midstream TechnologiesFood safety&traceability tech,logistics&transport,processing techMiscellaneousAll other agrifood-related techIn-Store Retail&Restaurant TechShelf-stacking

80、robots,3D food printers,payment systems,food waste monitoring IoTeGroceryOnline stores+marketplaces for sale and delivery of processed and unprocessed ag products to consumerHome&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devices&home grow kitsOnline Restaurants and Mea

81、l MarketplacesOnline tech platforms delivering prepared food and meal kits from a wide range of vendorsCloud Retail InfrastructureOn-demand enabling tech,ghost kitchens,last-mile delivery robots&servicesAg Biotechnology On-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal

82、healthAgribusiness Marketplaces&FintechCommodities trading platforms,online input procurement,equipment leasing,farmer fintechBioenergy&BiomaterialsNon-food extraction&processing,feedstock technology,cannabis pharmaceuticalsFarm Management Software,Sensing&IoTAg data capturing devices,decision suppo

83、rt software,big data analyticsFarm Robotics,Mechanization&EquipmentOn-farm machinery,automation,drone manufacturers,grow equipmentNovel Farming SystemsIndoor farms,aquaculture,insect&algae productionInnovative FoodCultured meat,novel ingredients,plant-based proteins Upstream Midstream DownstreamAgri

84、foodtechcategorydefinitionsAfrica Agrifoodtech Investment Report 202429Sources&methodologyData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to more than 30,000 compani

85、es,with new startups and historical data being added each day.The raw data for our reports comes from Crunchbase,which gathers publicly-available information such as press releases and US Securities and Exchange Commission filings,as well as crowdsourcing directly from our local data partners;in thi

86、s case,Africa:The Big Deal and Briter Bridges.AgFunder contributes data from its own collection methods,including private communications with investors and companies.We also collect data from partners across the globe to ensure we have the most comprehensive,accurate and curated dataset and knowledg

87、e base of agrifoodtech companies and investments.The raw data is painstakingly curated by the AgFunder team,along with their data partners,to ensure they are relevant,accurate,up-to-date,and categorized according to AgFunders proprietary tagging system.We update and improve our dataset continuously

88、throughout the year,meaning total figures fromprevious years reports will shift as our dataset becomes more complete.In 2022,we tightened our definitions of what constitutes an agrifoodtech venture to ensure that the emphasis on food and agriculture is core to the business.Thats had a recalibrating

89、effect on this years investment figures as well as some past data.Examples include logistics,drones,cloud and any other tech services that may have started in agrifood but have since added other sectors or pivoted away from agrifood.Weve maintained historical rounds that were raised on an agrifood f

90、ocus,where we could.While we are happy to share our findings,we reserve all rights with respect to AgFunder research and this report and we require it to be fully and accurately cited when any of the data,charts,or commentary are used.Undisclosed FinancingsOf the 968 financings in this reports curat

91、ed dataset,270 were undisclosed and could not be determined through research or direct sources.We exclude undisclosed financings when computing averages and median values.In some cases,were able to confidentially obtain financing figures directly from investors on the condition theyre only included

92、in aggregate.Multiple FinancingsIn some cases,Crunchbase displays multiple financings for the same company in the same year.This can be because a company closes subsequent rounds in the same year,but it can also be the result of several closes of the same round.We keep them separate unless they are

93、announced as one single round.CategorizationAgFunders categorization system is designed to capture broad themes across the complex agrifoodtech value chain.The agrifood sector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribut

94、ion,and the consumer.In many cases,technologies such as marketplaces connect different links in the supply chain and so in this report weve chosen to focus on high-level themes.To assist with the categorization and to avoid subjectivity,AgFunder first employs over 150 machine learning and artificial

95、 intelligence models to suggest category placement and to help tag the company according to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with significant research and debate among our team.Starting with our 2023 Gl

96、obal Agrifoodtech Investment Report,we combined Agribusiness Marketplaces and Fintech into one category as there is often overlap between the two.We maintained any fintech tools for retailers or restaurants within the Retail Tech category.Given the reduction in funding to food delivery services,we h

97、ave also now combined Online Restaurants&Meal Kits and Restaurant Marketplaces into one category.Weve also taken taken a stricter stance on cannabis and CBD-related startups;there needs to be clear proprietary technology involved.We will not include pure consumer packaged goods or pure production,as

98、 we wouldnt include pure production in any other crop.If we believe the growing facilities are particularly high tech or utilize proprietary technology,we will still include it in our Novel Farming Systems category.The same goes for processed products;if the extraction technique is particularly inno

99、vative,well include it as a Biomaterials or Midstream Tech startup.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementTim Li and the rest of the Crunchbase team for their continued support and assistance.And to the Mercy Corps Ventures team for all of the great imagery.DATA POWERED BYAfrica Agrifoodtech Investment Report 202430agfunder AgFunderVCSubscribe to our must-read weekly newsletter about the evolution of the worlds food and agriculture industries at All images:Mercy Corps Ventures