SA agrifood tech investment company AgVentures has raised an anchor commitment of R100-million($5.4m) from Acorn Agri & Food, a SA agrifood business.
AgVentures said in a statement last week that the new capital will help the investment company to pursue its vision of unleashing Africa’s agrifood potential by investing in, and nurturing, innovative and disruptive technologies with the potential to transform the African agrifood sector.
Founded by Gerhard Visagie and Michael Prinsloo in 2018, AgVentures invests in early stage agrifood technologies in South Africa, Israel and Kenya and assists in the roll-out of these transformative technologies across Africa.
AgVentures said in the statement that it is looking for businesses to invest in that are “scalable and capital light, with competent founders who possess deep industry experience”.
“These technologies may include digital platforms, farm management software, data analytics and AI, biotechnology, robotics and drones, smart irrigation, innovative animal production and health, food waste reduction, innovative food technology, safety and traceability systems, and sustainable packaging,” it said in the statement.
AgVentures’ first investment, concluded in 2019, is in an Israeli company called FruitSpec which developed patented technology to provide accurate early season fruit yield estimates to growers.
AgVentures also obtained the exclusive distribution rights of FruitSpec in Africa and is actively marketing it to South African fruit producers.