AgDevCo Raises USD 32 M For Early-Stage Agri-SMEs

AgDevCo, a specialized investor in African agriculture, has secured USD 32 M from the Foreign, Commonwealth, and Development Office (FCDO) to launch AgDevCo Ventures, a new investment strategy within the organization.

AgDevCo Ventures will make investments ranging from USD 1 M to 3 M, focusing on early-stage agri-SMEs with the goal of developing the next generation of African agribusinesses. Initially, their investments will be in East African countries where AgDevCo already has a presence, including Kenya, Uganda, Tanzania, and Rwanda. They plan to expand to other countries and regions in the future.

AgDevCo’s recent debt+ equity investments include Kenyan agribusiness Agris (USD 7.7 M) and Hatch Africa (USD 7.2), Côte d’Ivoire’s Cashew Coast (USD 10 M), and South African Skutwater. As of June 2024, AgDevCo has committed USD 210 M to 38 investments in 11 sub-Saharan African countries.