FCMB Rewards Agritech Startups With N23m

The First City Monument Bank (FCMB) has rewarded winners of its Agritech Hackathon and venture-building programme with N23 million.

The 10 finalists in the venture-building programme 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.

FarmSlate secured the second prize of N4 million for creating a tool that uses smart contracts, artificial intelligence, the Internet of Things, and geospatial analytics to connect smallholder farmers with financiers. Coconote focused on creating sustainable value from coconut waste using an environmentally friendly shredding machine, and it emerged as the third-prize winner of N2 million.

At the same time, PayGo, a solution that allows firms to digitise their sales operations fully, came fourth and received N1 million. The remaining six finalists received N500,000 each. Over 450 teams competed in the 48-hour hackathon and a four-week venture-building exercise. The range of solutions showcased at the FCMB Agritech Hackathon shows the depth of innovation in the agritech sector.

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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.

“By championing initiatives that provide farmers and agribusinesses access to funding and resources, we aim to empower them to modernise their operations and achieve prosperity. We urge the winners of this Hackathon to scale their solutions and contribute to the growth of the agricultural sector and the broader Nigerian economy.”

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. We are proud of our team’s work in supporting these startups and helping them achieve product-market fit. The return on investment for our partners FCMB and FMO will exceed their expectations.”