African Agri-Tech Startups Experience 110% Growth Since 2016
Investments in agriculture technology in Africa have seen $19-million invested in the past two years, with a new report showing agri-tech startups have grown 110% in the period.
There are 82 agri-tech startups operating across the continent at the start of this year, 52% of which started in the last 24 months, according to the Agrinnovating for Africa: Exploring the African Agri-Tech Startup Ecosystem Report 2018 report by Disrupt Africa.
Kenya and Nigeria both lead the agri-tech markets, followed by Ghana, and collectively account for over 60% active startups in the sector.
From Forbes. Story by
Although the report tracks annual startup activity in the agri-tech space since 2010, the authors say it began to boom in 2016, after which 43 new ventures were launched.
“The research shows that 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,” Disrupt Africa co-founder Tom Jackson said in a statement. ““Everyone knows how important the agricultural sector is across Africa, but until very recently it remained relatively untouched by tech innovators. That is suddenly changing as entrepreneurs and investors realize the scale of the challenges facing farmers, and spot opportunities to reach huge addressable markets.”
Read more at Forbes.
Sign up for the Moguldom newsletter — business news you need to know about economic empowerment for the digital age, delivered to your inbox.