Deal Street

South Africa’s Matrix Software Secures Investment From AgVentures
South Africa’s Matrix Software Secures Investment From AgVentures

AgVentures, an agritech-focused venture capital firm, has invested in Matrix Software, a specialized software provider to the meat sector in southern Africa, in its second deal of the year. The VC firm didn’t disclose the financial terms of the deal.

Matrix Software serves about 150 customers, including abattoirs, meat processors, distributors, and retailers. Its system allows beef products to be traced from the abattoir to the retail shelf, making the value chain more efficient. Apart from Australia, it operates in seven African countries: South Africa, Namibia, Botswana, Zimbabwe, Zambia, Nigeria, and Seychelles.

Matrix intends to use the funds to grow into adjacent market verticals such as poultry, fisheries, and dairy, as well as deliver additional functionalities to existing clients. The investment also aid with the implementation of the company’s African growth strategy, particularly in East Africa.