Investment in African agrifoodtech startups reached a record-breaking $636 million in 2022, a 25% year-over-year increase which bucked the global venture capital decline.

But investor sentiment changed in 2023 with just $99 million raised in the first half, down 77% compared to the first half of 2022.

The region represented 2% of global funding flows to agrifoodtech in 2022.

Kenya is the most active country for agrifoodtech on the continent, accounting for 33% of total funding since 2013.