Agritech Startups Win Venture Building Spots in Hackathon

FarmSlate, a startup connecting smallholder farmers with financiers, has won the First City Monument Bank (FCMB) Agritech Hackathon 2024.

Its winning solution uses artificial intelligence, the Internet of Things, and geospatial analytics. The startup received N3.5 million and will now participate in a venture-building programme.

The Agritech Hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), set the stage for solutions addressing credit access, infrastructure, and food security challenges. AgroGuardians, which designed a tool to help farmers identify crop diseases with actionable recommendations in both English and local languages, won the second-place prize of N2 million. CarbonEx, focused on connecting regenerative farming projects with carbon reduction funding from global firms, took home N1.5 million as a third-place winner.

Seven additional startups – Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance – will join the top three in a venture-building phase to advance these agritech solutions.

Divisional Head of Agribusiness at First City Monument Bank (FCMB), Kudzai Gumunyu, said: “We are committed to supporting agribusiness funding and capacity building through various programmes, including digitization and agritech,”

He called on new-generation techies in the agritech space to join FCMB in its efforts to boost agricultural productivity and food security, ultimately transforming rural areas into thriving economic centers.

The Bank’s interventions have resulted in better access to finance, research, and manpower development for individuals, smallholder farmers and companies in the agricultural sector, with a multiplier effect on the economy.

Ifeoluwa Olatayo of FarmSlate expressed gratitude to FCMB, FMO, and Heave Ventures, saying, “The FCMB Hackathon is a unique experience. The insightful sessions helped us communicate our problem-solution statement effectively, and the well-managed process allowed us to participate remotely, which was a valuable opportunity. We are glad our innovation won the hackathon, validating our solution and preparing us for launch and scale through the venture-building phase.”

Partner at Heave Ventures, Abiodun Lawal, said:  “Our primary motivation as technical partners was to deliver value to underserved communities in Africa – those who may never get to say thank you. We believe this work has a far-reaching impact and can unlock value for millions across the continent.”