Five35 Ventures has completed its first portfolio exit, generating a 3.5x multiple on its investment in Ghanaian agritech company Complete Farmer.
The Africa-focused venture firm invested in Complete Farmer in April 2022 and exited in March 2026, producing an internal rate of return of 38% over about 4 years. Complete Farmer’s valuation increased from $6 million to $49 million during the investment period.
Complete Farmer operates a platform connecting farmers with buyers while providing access to agricultural inputs and technical support. The company works to give farmers access to markets and contracted demand while helping buyers build agricultural supply chains. Five35 backed the company as part of its strategy of investing in technology businesses that can generate financial returns while expanding economic participation.
Five35 applies a gender lens to its investments, assessing how women participate in companies as founders, employees, suppliers, customers and members of their wider value chains. When Five35 invested in Complete Farmer, women represented 55% of its farmer network, 80% of its post-harvest workforce and 43% of its core team. By the time of the exit, women held 50% of the company’s board seats.
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Complete Farmer had also served 12,628 business customers and created 77 direct jobs by the time Five35 exited. The company expanded farmer training and market access during the holding period. Five35 said the result supports its view that businesses addressing gaps in areas such as agriculture can deliver financial returns while creating opportunities for groups that have less access to capital and formal markets.
Five35 is backed by the Mastercard Foundation Africa Growth Fund, a $200 million fund-of-funds that provides capital and support to African-owned and African-led investment vehicles. The fund aims to help those managers invest in businesses that can support job creation and economic participation. Five35 received an anchor investment from the fund in 2025. The Complete Farmer exit gives Five35 a realised return as it seeks to raise and deploy more capital across African technology businesses. The firm did not disclose the buyer of its stake or the value of the exit proceeds.
Key Takeaways
The Complete Farmer transaction gives Five35 Ventures something that remains limited in African venture capital: a realised exit with a disclosed return. The 3.5x multiple and 38% internal rate of return matter because venture funds ultimately need exits, rather than higher paper valuations, to return capital to their investors. Complete Farmer’s valuation rose from $6 million when Five35 invested to $49 million during the holding period, an increase of more than 8 times, although Five35’s own return was lower because investment returns depend on entry terms, ownership, dilution and exit terms.
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The deal is also useful for the Mastercard Foundation Africa Growth Fund’s model. The $200 million vehicle does not mainly invest in startups itself. It backs African investment managers that then select and support companies. Five35 received its Africa Growth Fund backing in 2025, after its original 2022 investment in Complete Farmer, so the exit should be viewed as evidence of the manager’s existing investment record as much as a result of the fund’s capital. It also comes from agriculture, a sector where venture exits have been less common than in areas such as fintech.
For Five35, the return provides capital that can be recycled into new investments and gives potential investors data on its ability to move from initial investment to liquidity. Its gender-lens strategy is also being tested on financial outcomes, not only impact measures. Complete Farmer increased its valuation, expanded its customer base and added jobs while women participated across its workforce, farmer network and board. One exit does not establish a fund’s long-term performance, but it gives Five35 a measurable result as it raises and invests more capital.
