The investment round was led by Pangea Africa Limited, with contributions from Root Capital, RDF Ghana, and the SEFAA Fund, managed by Sahel Capital.

This capital infusion is set to enable Oyster Agribusiness to expand its reach, directly impacting more smallholder farmers and enhancing sustainable agricultural practices across Ghana.

Founded in 2018, Oyster Agribusiness provides crucial support to smallholder farmers through access to sustainable agricultural inputs, improved agronomic practices, and a stable market for their produce.

Leveraging technology, the company powers its input distribution system and boosts yields using specialized tools like seeders and drones for efficient planting and spraying.

Oyster Agribusiness has already demonstrated a strong track record, having invested over GH¢60 million ($3.8 million) into the livelihoods of 4,500 smallholder farmers over the past five years.

To date, it has successfully cultivated more than 20,000 acres of farmland and supplied over 25,000 tons of produce to both local and international markets.

Commenting on the funding, CEO Edmond Kombat noted:

“This investment is a testament to the impact we’ve made with smallholder farmers and the tremendous potential we see in scaling our operations.”

“Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana.”

Oyster Agribusiness’s progress aligns with Ghana’s growing agricultural sector, which has a projected market size of $3.40 billion in 2024 and is expected to reach $3.87 billion by 2029, marking a compound annual growth rate (CAGR) of 2.65%.

Agriculture remains a cornerstone of Ghana’s economy, and Oyster’s tech-driven, climate-resilient solutions contribute significantly to advancing the sector’s sustainability.

Since its inception in September 2013, Angel Fair Africa has established itself across major African cities, including Johannesburg, Lagos, Accra, Abidjan, Maputo, and Cape Town.

This year, the event returns to Nairobi for the first time since 2016, hosted at the Two Rivers International Finance and Innovation Centre.

Organized by Chanzo Capital in partnership with Startupbootcamp AfriTech, MEST Africa, Antler, iHub, and GrowthAfrica, the forum will connect investors with promising ventures seeking capital.

The event’s opening day will spotlight early-stage startups in need of angel, pre-seed, and seed funding.

Among the 10 startups selected, Kenya is represented by VunaPay, NoMa, and Zopa254. Ghana has two entrants, BenBen and Lastmal, while South Africa’s Ejoobi and Hitherroad are also in the mix. Uganda’s Karaa, Mozambique’s Goodbite, and Nigeria’s Wenzo complete the lineup.

The second day will shift focus to scale-ups requiring capital at the seed, Series A, and Series B levels to support their expansion.

Kenya leads this category with five ventures: Check-Ups Med, Chumz, Save App, EpiCenter Africa, and Twiva.

Additional scale-ups include Ivory Coast’s MojaRide and DigiTech, Ghana’s PayAngel, Tanzania’s KilimoFresh, and Nigeria’s HouseAfrica.

All participating startups and scale-ups have undergone preliminary training and screening through programs conducted by Angel Fair Africa’s partners, such as iHub, MEST Africa, and Startupbootcamp AfriTech.

Other notable investors in this round included Google’s Africa Investment Fund, Verod Capital, and Lightrock, underscoring Moniepoint’s growing influence in African fintech.

With the new funding, Moniepoint plans to expand its footprint across Africa, beginning with Kenya, where it is on the verge of acquiring KopoKopo, a digital payments platform.

Though details of the acquisition cost remain undisclosed, this move signifies Moniepoint’s ambitious regional growth strategy.

Since its founding in 2015, Moniepoint has transformed from developing software for Nigerian financial institutions—initially under the name TeamApt—to becoming one of Nigeria’s leading providers of agency banking solutions.

This strategic shift helped the company scale significantly, establishing a vast agency network across Nigeria.

A rebranding in 2023 saw Moniepoint venture further into digital banking, offering both personal and business banking services.

The company now processes around 800 million transactions monthly, totaling over $17 billion in value, and serves more than 10 million customers.

DPI Partner Adefolarin Ogunsanya expressed strong confidence in Moniepoint’s future, citing its “excellent leadership and strategic vision” as key factors in the firm’s decision to invest.

He added that Moniepoint’s impact on financial inclusion and its fast-paced growth highlights its potential for continued success across the continent.

Moniepoint’s CEO, Tosin Eniolorunda, emphasized the company’s mission to address customer needs through innovative, transparent, and secure solutions.

“The proceeds from this raise will accelerate our efforts to drive financial inclusion and support Africa’s entrepreneurial landscape,” he stated.

The backing from DPI, Google, Verod, and Lightrock further reflects the firm’s impact in bridging gaps in financial inclusion and supporting underserved communities across Africa.