Kenya and Nigeria Take Lead in Agri-Tech Market in Africa
Photo Credit: Agrisa.co.za
A recent report by Disrupt Africa reveals that Kenya and Nigeria are currently topping the chart as African giants in agri-tech market.
According to the report, Kenya and Nigeria are in first place as the top two agri-tech markets in Africa, while Ghana falls in the third position. The three countries account for over 60 per cent of agri-tech start-ups active in Africa.
The report tagged, Agrinnovating for Africa: Exploring the African Agri-Tech Startup Ecosystem Report 2018 records 82 agri-tech start-ups in operation across Africa by the start of 2018, with 52 per cent of these ventures launched in the past two years.
Over the course of this period, over US$19 million has been invested into African agri-tech startups; with annual fundraising figures growing rapidly. The amount of funding raised in 2017 grew by over 121 per cent on the total for 2016.
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According to Gabriella Mulligan, co-founder of Disrupt Africa, “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.”
Startups are particularly involved in applying e-commerce to the agriculture industry, with this type of agri-focused e-commerce platform accounting for 32.9 per cent of start-ups. Information and knowledge sharing platforms are also popular; while a substantial number of entrepreneurs are focused on delivering fintech solutions for farmers. A total of six sub-sectors are examined in the report.
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