FCMB Hackathon: Startups Develop Solutions for Livestock Mortality, Financial Inclusion
Oluchi Chibuzor
For conceptualising and developing actionable solutions to bridge gaps in Nigeria’s agribusiness ecosystem, winners of this year’s First City Monument Bank (FCMB) Agritech Hackathon and venture-building programme have been rewarded with N23 million.
The bank in a statement said the 10 finalists in the venture-building program received N16 million at the demo day event held in November, while three agritech startups that topped the hackathon challenge in October received N7 million.
“At the end of the keenly contested three-month competition, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme and received N6 million. The agritech startup stood out for developing a solution that uses artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers to address high animal mortality,” it said.
Commenting on the 2024 agritech hackathon and venture-building programme, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said: “Young Nigerians have the talent and drive to revolutionise agriculture. We provided a platform for them to showcase their skills and contribute to a more prosperous future.”
Stephen Obe of Agrocist expressed gratitude to FCMB, FMO, and Heave Ventures, saying: “Agrocist ensures quick, convenient, and affordable veterinary services using digital technology to address poor livestock health care and farm productivity. Winning the FCMB agritech hackathon validates our work. We will use the prize to optimise our technology and supply chain to serve our customers better.”
In her comment, the Technical Assistance Manager of the Dutch Entrepreneurial Development Bank (FMO), Martine Sanders, said: “FMO is pleased with the outcomes of this hackathon and venture-building programme. The young entrepreneurs who presented their investment opportunities at the Demo Day are a testament to the wide range of opportunities Nigeria’s agritech space offers to increase productivity and add value to the agricultural sector, building on local knowledge.”
Also speaking, Executive Partner at Heave Ventures, Abiodun Lawal, stated that: “Supporting valuable businesses that end up having a trans-generational impact and creating reverberating effects on people who will not be able to say thank you in person is the core value that drove us throughout this project.”
