African agrifoodtech funding is showing mild growth and recovery in 2024, raising $145 million in the first half of 2024, a 1.6% year-over-year increase. But it still represents a small fraction of global investment, at just 1.6%.

This comes after a challenging period in 2023 where African agrifoodtech investment declined 62% to reach just $275 million.

Over the past decade, global investors have contributed a total of $2.4 billion to African agrifoodtech ventures. The relative increase in African agrifoodtech funding for H1 2024 was accompanied by a 27% decrease in the number of deals.

Agribusiness Marketplaces & Fintech have overtaken Midstream Tech and In-Store Retail Tech to be the most popular category in 2023 and, so far in 2024, taking 41% of all funding dollars and 36% of deal activity.