Disrupt Africa says the African agri-tech sector has attracted $19 million investment in two years.
In a report titled: The Agrinnovating for Africa: Exploring the African Agri-Tech Startup Ecosystem Report 2018, the start-up portal says the number of startups operating in the market growing 110 per cent over the same period.
“The current boom began in 2016, and over the following two years 43 new ventures launched across Africa,” the report said.
“While Kenya was the early pioneer of the African agri-tech sector, accelerating interest in West Africa over the past two years means this region now dominates the market; and is home to two of the top three agri-tech ecosystems on the continent.”
The report also revealed that Nigerian start-up Farmcrowdy closed a seed funding of $1 million from international and local investors and also received a $325,000 grant from the GSMA as part of the GSMA Ecosystem Accelerator Innovation Fund.
“The scope for innovation in the agricultural sphere is vast – a refreshed take on the sector could unlock huge value for the whole of Africa. That’s why this report is so exciting – it shines a light on the extent to which the continent’s entrepreneurs are already disrupting the agricultural industry. Behind the scenes, there has been formidable acceleration in the agri-tech market recently, and it is one of the most interesting spaces to watch in Africa today,” said Gabriella Mulligan, co-founder of Disrupt Africa.
Six sub-sectors were examined in the report.