South Africa’s AgVentures which invests in agricultural and food technology companies has announced that it has acquired a significant stake in Matrix Software, engaged in the supply of software for meat producers in southern Africa. The exact percentage of the acquisition and the corresponding amount disbursed were not disclosed.
With the funding, Matrix Software plans to expand into verticals such as dairy, and poultry. The company also hopes to accelerate its growth in East Africa, and set up new services for its customers
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A Look At What The Company Does
Matrix Software, founded in 2005 by Deon Snyman, operates in six African countries outside of South Africa, its main market. The firm, which works with players in the meat production value chain, is the second company to receive financial support from AgVentures since the start of the year.
Last February, South African startup Skudu, which operates in the agri-food sector, raised funds from the same investor. The capital requested is aimed at supporting the growth of Skudu. The firm aims to become one of the largest in southern Africa in the online trade of agricultural inputs and products.
May last year, AgVentures announced it had raised an anchor commitment of R100-million from Acorn Agri & Food, a South African agrifood business.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer