Five35 Ventures Records 3.5x Return From Complete Farmer Exit

Africa-focused investment firm Five35 Ventures has completed its first portfolio exit after selling its stake in Ghanaian AgTech company Complete Farmer, generating a 3.5x return on invested capital.

The investment vehicle backed Complete Farmer in April 2022 and exited the investment in March 2026. During that period, Complete Farmer’s valuation rose from $6 million to $49 million. Five35 reported an internal rate of return of 38% over the four-year investment period.

From $6 Million to $49 Million

Complete Farmer operates a digital agricultural platform that connects farmers with markets while providing access to inputs and technical services.

The company became Five35’s first portfolio exit after four years of investment. The return gives the investment firm a realised result from its strategy of backing African technology-enabled businesses.

Five35 Ventures operates with a gender-lens investment strategy. Its approach considers how women participate in the businesses it backs, including as employees, suppliers, customers and participants in wider value chains.

General Partner Hema Vallabh said Complete Farmer demonstrates how commercial growth can work alongside inclusive economic opportunities.

“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,” Vallabh said.

Backed by the Africa Growth Fund

Five35 Ventures is backed by the Mastercard Foundation Africa Growth Fund, a $200 million fund-of-funds focused on supporting African-led and women-led investment vehicles.

The fund does not invest directly in startups. Instead, it provides capital to investment managers such as Five35, which then invest in businesses across Africa.

Five35 said its Complete Farmer exit provides an early indication of the commercial returns that can come from combining a gender-lens approach with investments in technology-driven businesses.

Vallabh said the result also supports the firm's view that gender-lens investing can help identify markets and business opportunities that may otherwise receive less attention.

The firm plans to continue investing in African technology companies where commercial expansion and broader economic participation can develop alongside each other.