Agritech Startups win FCMB’s N7m hackathon

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

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

In a statement, it said the 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.

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The statement said 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.

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

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.