In a year when African agritech funding started at rock bottom, one Moroccan agribusiness rewrote the record books. Africa Feed & Food (AFF) has raised MAD 850 million — roughly $91 million — in a capital increase led by investment firm RMBV and French development financier Proparco, making it the single largest agri-industrial raise on the continent in 2026.
- Round: MAD 850 million (~$91 million) capital increase
- Investors: RMBV (via its North Africa fund) and Proparco
- Sector: Agritech / agro-industrial — milling & animal feed
- Based in: Morocco
- Structure: Fresh capital, no sale of existing shares — founders retain control
What Africa Feed & Food does
Africa Feed & Food is a Moroccan agro-industrial group operating across the grain and poultry value chain. Its core business sits in two of the most strategically important corners of any national food system: milling — turning cereals into flour and food ingredients — and animal feed production, the backbone of a competitive poultry and livestock industry. By integrating vertically across sourcing, processing and distribution, AFF has built a strong domestic market position in a country where food security is a national priority.
Inside the deal
The transaction, signed in March 2026, is a MAD 850 million capital increase rather than a buyout — meaning the money is fresh equity injected into the business, with no existing shareholders cashing out. Through its North Africa-focused fund, RMBV and Proparco (the private-sector arm of the French Development Agency, AFD) are taking a minority stake, allowing AFF's existing shareholders to keep control while gaining serious growth capital and two experienced institutional partners.
For Proparco, the investment fits a long-running thesis: backing food-system champions that strengthen local production and reduce import dependence. For RMBV, it is a bet on a scaled, cash-generative agribusiness in one of Africa's most stable agri markets.
Where the money goes
AFF plans to direct the full amount toward expanding its industrial base in Morocco — deepening capacity in its core milling and feed operations, where demand is structurally growing alongside the country's population and its poultry consumption. Expanding processing infrastructure also means more reliable offtake for local grain, more resilient supply for downstream food producers, and additional skilled industrial jobs.
Why it matters
This deal single-handedly reshaped the 2026 African agritech funding picture. After a January in which the entire continent's agritech sector raised barely $200,000, AFF's $91 million round accounted for the lion's share of the sector's February–March rebound. It also underlines two shifts worth watching: capital is flowing to asset-heavy, industrial agribusiness rather than app-first models, and North Africa — Morocco in particular — is emerging as a magnet for large agri-food tickets that were once concentrated in Nigeria and Kenya.
For founders across the continent, the takeaway is instructive: development finance institutions and specialist funds are willing to write nine-figure cheques when a business demonstrates real infrastructure, real revenue and clear food-security impact.
The bigger picture: North Africa's agri-industrial moment
Morocco has spent years positioning itself as a bridge between European, Middle Eastern and sub-Saharan African markets, and its food-processing sector sits at the centre of that ambition. A raise of this scale doesn't happen in isolation — it reflects a broader flow of development and institutional capital into North African agribusiness, where climate pressures, import bills and food-security concerns have made local production a strategic priority. For AFF, being a national champion in milling and feed means its performance is tied not just to commercial demand but to the country's wider resilience against global grain-price shocks.
What to watch next
The obvious questions now are about scale and reach. Will AFF use its expanded capacity purely to consolidate its Moroccan position, or push toward regional export markets across West and North Africa? Development-finance partners like Proparco typically bring more than money — they bring environmental, social and governance standards, technical support and networks that can accelerate expansion. If the milling and feed build-out lands as planned, expect AFF to become a reference point for how large agri-industrial businesses on the continent can attract nine-figure institutional capital without ceding control to outside investors.
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Details as disclosed via Proparco, Ecofin Agency and public announcements, March 2026. Figures are as reported; MAD–USD conversions are approximate.