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- AgDevCo
AgDevCo Funding, Investors & Competitors
AgDevCo has raised $205M across 3 funding rounds, most recently a $85M undisclosed-stage round in February 2025.
Last AgDevCo funding round
$85M
Undisclosed stage · Feb 2025
Cumulative funding AgDevCo raised
$205M
across 3 funding rounds
Key investors in AgDevCo
British International Investment
Norfund
Swedfund International
About AgDevCo
AgDevCo is a London-headquartered investor in African agribusinesses, providing debt and equity to small and medium enterprises. It targets farming and agri-processing ventures to generate jobs, enhance food security, and foster prosperity. AgDevCo leverages private capital into projects benefiting smallholder farmers across sub-Saharan Africa, with portfolio companies in countries like Zambia, Ghana, and Mozambique.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Investment management
AgDevCo Funding History
AgDevCo has raised a total of $205M across 3 funding rounds.
AgDevCo's first fundraising round was a $70M undisclosed-stage round in February 2022. The most recent completed round was a $85M undisclosed-stage round in February 2025.
AgDevCo funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2025 | Undisclosed stage | British International Investment (lead); Swedfund International; Norfund | $85M | AgDevCo is a specialist impact investor focused on agribusinesses in sub-Saharan Africa, providing long-term patient capital and support to small and medium-sized enterprises (SMEs) across the agricultural value chain, including inputs, primary production, processing, and logistics. The firm targets businesses producing nutritious foods for local markets and high-value crops for export, aiming to enhance productivity, climate resilience, food security, and livelihoods for smallholder farmers in lower and lower-middle income countries. On February 20, 2025, AgDevCo announced an $85 million equity investment from British International Investment (BII) with up to $50 million, Swedfund with $20 million, and Norfund with $15 million. BII's new commitment follows its previous $50 million investment in 2022, bringing its total to $100 million and making it AgDevCo's largest external investor. The funding, led by BII, will enable AgDevCo to expand its portfolio of SMEs, supporting sustainable practices and economic opportunities in rural areas. The platform has already benefited over two million smallholder farmers by improving their livelihoods and food systems. UK officials, including Lord Collins of Highbury, highlighted the investment's role in driving economic growth, food security, and strengthening supply chains. AgDevCo's CEO Daniel Hulls emphasized the need for strategic capital to scale commercial agriculture amid financing and infrastructure challenges in the region. Development finance institutions like BII, Swedfund, and Norfund underscored their commitment to transforming African food systems through this collaboration, focusing on high-impact agribusinesses to foster resilience and prosperity. |
| Oct 2022 | Undisclosed stage | British International Investment | $50M | AgDevCo is a specialist investment company dedicated to developing African agriculture through long-term capital and support to agribusinesses across sub-Saharan Africa. Established in 2009 with UK Government backing, the company operates an investment fund model providing patient capital and technical assistance to small and medium-sized enterprises in the agricultural value chain, from primary production through logistics, with a focus on sustainable and climate-positive practices. In 2022, AgDevCo secured a significant $90 million capital commitment from leading development finance institutions, including a $50 million investment from British International Investment (BII), alongside investments from Norfund and the U.S. International Development Finance Corporation (DFC). This funding brought AgDevCo's funds under management to $280 million and its committed investment portfolio value to $147 million across ten countries in sub-Saharan Africa, with significant exposure in Mozambique, Malawi, Kenya, Côte d'Ivoire, and Zambia. By 2022, AgDevCo had already benefited over two million smallholder farmers, with employee income in its portfolio investments reaching over $22 million that year, and the company's impact model demonstrated that each dollar invested generated $2.50 in higher incomes for rural households. The 2022 funding round reflected confidence from major development finance institutions in AgDevCo's model of addressing financing gaps and driving sustainable agricultural productivity in sub-Saharan Africa. |
| Feb 2022 | Undisclosed stage | British International Investment; Norfund | $70M | AgDevCo is a specialist investment company established in 2009, focused on developing African agriculture through equity investments in small and medium-sized agribusinesses across sub-Saharan Africa, with a portfolio of around 40 companies in 11 countries including Mozambique, Malawi, Kenya, Cote d’Ivoire, Zambia, Ghana, Ivory Coast, Rwanda, Tanzania, and Uganda. It provides long-term patient capital, typically $2-10 million per investment, alongside technical support in areas like climate and gender, targeting sectors from primary production (high-value export crops like avocados and macadamias, poultry, fisheries) to processing and retail nutritious foods for local markets. The UK Government has been a major long-term supporter with an endowment of $190 million. Sources describe a $85 million equity investment announced in February 2025 from British International Investment (BII, up to $50 million, bringing total to $100 million), Swedfund ($20 million), and Norfund ($15 million, bringing total to $35 million), aimed at expanding the portfolio to support SMEs in increasing productivity, food security, and sustainable practices. This follows a prior BII investment of $50 million in 2022. The funds will target agribusinesses producing nutritious foods and high-value exports, with over half of primary investments already using regenerative farming for soil health, biodiversity, and carbon sequestration. AgDevCo reports impacting over 2 million smallholder farmers to date, generating $2.50 in higher rural incomes per dollar invested through employment and opportunities like improved livestock rearing, with expectations to benefit 4 million farmers and support 60,000 annual jobs by 2030. Its portfolio was valued at $150 million as of an earlier Norfund investment. |
Who has invested in AgDevCo?
3 investors have backed AgDevCo across its funding rounds, including British International Investment, Norfund and Swedfund International.
Lead investors include British International Investment.
AgDevCo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2022 | ||
This data is available for Pro users. Sign up to see all 3 AgDevCo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by AgDevCo
AgDevCo has invested in 4 companies to date.
Latest investment by AgDevCo was on September 1st 2025. AgDevCo invested in Planting Naturals in their $7M Series A round.
Latest Investments by AgDevCo
| Description | - | Tradin Organic is a Netherlands-headquartered supplier of organic ingredients for the global food industry. The company sources cocoa, nuts, dried fruits, and superfoods from certified farms in Africa, Asia, and Latin America. With processing facilities in Rotterdam and distribution networks spanning Europe, North America, and Asia, Tradin Organic emphasizes sustainable farming practices and holds certifications from EU Organic and USDA standards. Established in 2005, it supplies major manufacturers like Nestlé and Unilever. | EthioChicken is an Ethiopia-based poultry producer operating through subsidiaries AGP Poultry PLC, Mekelle Farms Ltd, and Andasa Poultry PLC. The company raises and processes broiler chickens for domestic markets in Addis Ababa and regional East African distribution. EthioChicken supplies fresh and frozen poultry products to wholesalers and retailers, supporting local protein needs. | - |
| HQ Country | ||||
| HQ City | - | Amsterdam | Addis Ababa | Lusaka |
| Deal Date | 1 Sep 2025 | 9 May 2019 | 20 Oct 2017 | 18 May 2016 |
| Round | Series A | Strategic investment | Seed | Seed |
| Raised | $7M | $3M | $3M | $1M |
| Investors | - | - | - | - |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all AgDevCo investments and their VC round multiples. Start Free Trial | ||||
AgDevCo Competitors
AgDevCo competitors include listed companies like SoftBank Group, BlackRock, Investor AB and Accenture, and private ones like goFARM Australia and iCapital Network.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Publicly listed | $50B | $6.7B | $229B | 7.0x | ||
| Publicly listed | $24B | $8.8B | $163B | 6.2x | ||
| Publicly listed | $23B | - | $125B | 19.4x | ||
| Publicly listed | $70B | $12B | $116B | 1.6x | ||
| Private | - | - | $7.5B | - |
AgDevCo Public Comps
AgDevCo is still privately-owned, but its public comps include SoftBank Group, BlackRock, Investor AB, Accenture, Blackstone, KKR, Brookfield, Apollo Global Management, Brookfield Asset Management and Corteva.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $50B | $6.7B | 7.3x | 7.0x | 54.7x | 9.2x | |||
| $24B | $8.8B | 7.1x | 6.2x | 19.4x | 14.0x | |||
| $23B | - | 6.0x | 19.4x | - | - | |||
| $70B | $12B | 1.7x | 1.6x | 10.1x | 8.4x | |||
| $15B | $7.7B | 8.4x | 8.9x | 16.3x | 14.6x | |||
| $19B | $7.1B | 3.1x | 6.1x | 8.5x | 9.5x | |||
| $75B | $32B | 6.1x | 59.5x | 14.4x | 64.8x | |||
| $32B | $8.3B | - | - | - | - | |||
This data is available for Pro users. Sign up to see all AgDevCo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about AgDevCo
| When was AgDevCo founded? | AgDevCo was founded in 2009. |
| Where is AgDevCo headquartered? | AgDevCo is headquartered in London, United Kingdom. |
| Is AgDevCo publicly listed? | No, AgDevCo is a private, VC-backed company. |
| How much funding has AgDevCo raised? | AgDevCo has raised $205M across 3 funding rounds. |
| What was AgDevCo's last funding round? | AgDevCo's last funding round was a $85M undisclosed-stage round in February 2025, led by British International Investment. |
| Who are AgDevCo's investors? | AgDevCo's investors include British International Investment, Norfund and Swedfund International. |
| Which companies are comparable to AgDevCo? | Companies comparable to AgDevCo include goFARM Australia, SoftBank Group, BlackRock, Investor AB, Accenture and iCapital Network. |
| How many companies has AgDevCo invested in? | AgDevCo has invested in 4 companies, including Planting Naturals, Tradin Organic, EthioChicken and Ilobezi. |
| What was AgDevCo's last investment? | In September 2025, AgDevCo invested in Planting Naturals' $7M Series A. |
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