AgVentures, an agritech-focused venture capital firm, has struck its second deal of the year as it invested in Matrix Software, a specialist software provider to the meat industry in southern Africa.
The VC firm didn’t disclose financial terms of the deal.
Matrix Software, based in the city of Vereeniging, was founded in 2005 by Deon Snyman. It has more than 150 clients spanning from abattoirs, meat processors, wholesalers and retailers. It operates in seven African countries – South Africa, Namibia, Botswana, Zimbabwe, Zambia, Nigeria, Seychelles – besides Australia.
The company says its technology enables traceability of meat products from the abattoir to the retail shelf and bring efficiency to the value chain.
The investment will help Matrix introduce new functionalities to existing clients and expand into adjacent market verticals such as poultry, fisheries, and dairy. It will also help drive its African growth strategy, especially into East Africa.
This the second deal for AgVentures this year and the third overall.
In January, the VC firm had picked up a 30% stake in Skudu, an online marketplace for agricultural inputs and produce in Africa. This came after its debut deal in FruitSpec in 2019. AgVentures had bought a 16.7% stake in FruitSpec.
Israel-based FruitSpec replacing paper-based fruit yield estimations with a patented computer-vision based system. It seeks to provide accurate early-season yield estimates, but can also give a distribution of fruit yields and colours. This product has operations in North America, South America, Europe, China and Africa.
AgVentures is supported by its anchor investor, Acorn Agri & Food, a South African agri-food group. Acorn had made an anchor commitment of ZAR100 million ($7.3 million) to the fund.