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HomeNewsAfricaAgritech firms whet funders’ appetite for ‘highly untapped’ sector

Agritech firms whet funders’ appetite for ‘highly untapped’ sector

In March, Apollo Agriculture – a tech company based in Nairobi that helps small-scale farmers maximize profits – closed its Series B equity funding round, having raised $40m. In total, the company has raised $52.5m and received $16m in debt – making it one of the highest funded agritech startups in Kenya.

Four months earlier, another major startup in the same sector, Twiga Foods – which uses technology to build supply chains in food and retail distribution – raised $50m in its latest funding round. In total, the company has raised more than $100m in debt and equity, having raised $30m in its series B round in 2019. The startup’s founders, Grant Brooke and Peter Njonjo have plans to expand into the rest of the continent.

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