Launch Africa, Flat6Labs lead in 2021 Africa agrifoodtech investments
Summary
Investments in African agrifoodtech startups reached record heights in 2021, according to AgFunders inaugural Africa-focused report in collaboration with BII and FMO.But who were the key investors driving the $482.3 million invested in 2021?The 2022 AgFunder Africa AgriFoodtech Report highlighted 10 of the biggest, including Launch Africa, Flat6Labs Cairo, LoftyInc Capital Management and Y Combinator all of which had 6 or more investments.DFS Lab, Techstars, Kepple Africa Ventures, Endeavor Catalyst, Village Capital and FJ Labs were other investors who had between 3 to 5 deals.This is a sector agnostic VC fund that comes in at the seed and pre-Series A stages, investing in B2B and B2B2C African tech startups.It has reportedly invested in 108 startups since inception, closing its first fund at $36.3 million in June 2022.The VC firm funds startups in the food, water, climate and greentech industries, but also invests in fintech, edtech, healthtech, energy, media among other industries.Startups that secured funding from Launch Africa last year include: MarketForce, a Kenyan software company that builds digital marketplaces to facilitate efficient trade for informal traders. Afrikamart, a Senegalese fresh produce distribution platform that sources from rural farmers and connects them to the urban retail and hospitality sectors. Zr3i (Zaree), an agritech that leverages satellite imagery to provide farmers with information on climate change, soil conditions, crop health and plant-water monitoring services. Zatona Eats, a meal planning startup that also prepares and delivers healthy mealsLCM is a Nigeria-based early-stage venture capital investor. The firm already has under its sleeve called the LoftyInc Afropreneur Funds, the third being a $10 million fund aiming to finance 40 companies in the seed to series A stages.Being sector agnostic, it invests in the agritech, supply chain, energy, healthtech and SME Services industries.Startups that joined its agrifoodtech portfolio in 2021 include: PayPecker, a Nigerian startup providing e-commerce infrastructure that automates trade for informal retailers, restaurants and their suppliers and clients.