A Ghanaian agritech company’s valuation has climbed from $6 million to $49 million in four years, allowing venture capital firm Five35 Ventures to sell its entire stake at a reported 3.5 times its original investment.
Five35, which invested in Complete Farmer in April 2022, completed its exit in March 2026, according to information shared by technology publication TechCabal. The investment generated an internal rate of return of 38% over the four-year period.
Complete Farmer operates a platform connecting smallholder farmers with buyers, agricultural inputs and financing, positioning the company within a sector that serves farmers seeking access to resources and markets.
The transaction highlights the potential returns available to early-stage investors backing technology-enabled businesses across African markets outside the continent’s largest investment destinations.
Brandspur Brand News reports that Five35 is a pan-African venture capital firm that provides pre-seed and seed funding to technology-enabled companies, with a focus on markets beyond Nigeria, Kenya, Egypt and South Africa.
The firm’s investment approach also incorporates a gender-focused perspective. Its founding partner, Hema Vallabh, has discussed how the firm applies a gender lens to investment decisions and the challenges female founders encounter when pitching their businesses to investors.
Vallabh also addressed the firm’s decision to sell its stake in Complete Farmer despite the company’s substantial increase in valuation, alongside the challenges of raising capital as a first-time fund manager.
The figures reported by Five35 indicate that Complete Farmer’s valuation increased by more than eight times between 2022 and 2026. However, the company’s valuation growth and the fund’s reported investment return are separate measures of performance.
The exit provides an example of how early-stage venture capital investors can realise gains from African technology businesses while those companies continue to operate beyond the investment period.
