Five35 Ventures, an Africa-focused, gender-lens investment vehicle backed by the Mastercard Foundation Africa Growth Fund, has completed its first portfolio exit.
The investor generated a 3.5x multiple on invested capital and a 38% internal rate of return over four years through its investment in Ghanaian agritech company Complete Farmer.
Complete Farmer connects farmers with buyers, agricultural inputs and technical support. The platform also helps buyers source agricultural commodities from farmers.
During the investment period, the company’s valuation increased from $6 million to $49 million.
“At Five35, we look for businesses in which commercial growth and inclusive impact reinforce one another. Complete Farmer shows how technology can strengthen African food systems, improve farmers’ access to markets and create meaningful economic opportunities for women. Achieving this result through our first exit is an important validation of our investment strategy. As we continue backing Africa’s next generation of technology-enabled businesses, this exit strengthens our conviction that gender-lens investing is not a concessionary strategy, it is a disciplined way of identifying overlooked markets, stronger business models and new sources of sustainable value,” commented Hema Vallabh, general partner at Five35 Ventures.
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