Impact investor Acumen has raised an additional US$90 million for its Acumen Resilient Agriculture Fund (ARAF), strengthening its commitment to supporting climate-resilient agriculture businesses across Africa while expanding its investment footprint into North Africa.

The latest capital injection builds on the US$58 million previously raised by the fund and will enable Acumen to scale investments in innovative agribusinesses that help smallholder farmers adapt to climate change, improve productivity and strengthen food security.

Launched in 2020, ARAF is recognised as the world’s first equity fund dedicated exclusively to building climate resilience among Africa’s smallholder farmers. Managed by Acumen Capital Partners, the fund invests in high-growth agricultural businesses that provide farmers with improved access to climate-smart technologies, financial services, markets and sustainable farming solutions.

Since its inception, the fund has invested in 12 agribusinesses operating across East and West Africa. According to Acumen, these investments have directly benefited more than three million smallholder farmers, with over 80% reporting improved crop yields and higher household incomes.

With the additional funding, Acumen aims to extend its impact to at least four million more farmers while broadening its investment activities into North Africa, creating new opportunities for climate-focused agricultural enterprises across the continent.

The fundraising attracted renewed support from existing anchor investors, including the Green Climate Fund (GCF), Dutch development bank FMO and France’s Proparco. They were joined by new investors, including Sweden’s development finance institution Swedfund and a group of Belgian investment partners.

Catherin Koffman, Africa Director at the Green Climate Fund, said the latest investment demonstrates how blended finance can successfully mobilise private capital for climate-resilient agriculture. She noted that expanding the partnership would enable the fund to reach more farmers who remain highly vulnerable to the growing impacts of climate change.

The expansion comes at a time when investment in African climate adaptation and agricultural technology remains significantly below the level required to address the continent’s food security challenges. Although agriculture employs the majority of Africa’s workforce, climate adaptation financing has traditionally relied on grants rather than long-term private investment.

ARAF was established to bridge this financing gap by providing patient equity capital to businesses developing practical solutions for farmers. The fund’s blended finance model is designed to reduce investment risk while supporting scalable agricultural enterprises capable of delivering both commercial returns and measurable social impact.

Acumen believes the expansion into North Africa will create new opportunities for agritech startups and agricultural businesses seeking long-term investment to develop climate-smart farming solutions. By increasing access to patient capital, the fund aims to accelerate agricultural innovation, strengthen rural livelihoods and improve resilience across Africa’s food systems as climate-related challenges continue to intensify.