Agric start-ups share N23m in FCMB’s Hackathon
In a significant step towards addressing critical challenges in Nigeria’s agribusiness sector, First City Monument Bank (FCMB) has rewarded winners of its 2024 Agritech Hackathon and venture-building programme with a combined sum of N23 million.
The initiative, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), aimed to foster innovation in agriculture while solving problems like livestock mortality and financial inclusion for farmers.
The competition, which spanned three months, featured a 48-hour hackathon and a four-week venture-building exercise, attracting over 450 teams.
At the programme’s Demo Day held in November, Agrocist emerged as the standout winner of the venture-building programme, receiving N6 million for its groundbreaking solution that uses artificial intelligence to detect livestock diseases. The startup also provides veterinary services and critical inputs to farmers to mitigate animal mortality.
FarmSlate, the second-place winner, was awarded N4 million for its innovative tool that leverages smart contracts, artificial intelligence (AI), Internet of Things (IoT), and geospatial analytics to connect smallholder farmers with financiers.
Coconoto, which claimed the third prize of N2 million, showcased an environmentally friendly shredding machine designed to create sustainable value from coconut waste. PayGo, a solution for businesses to fully digitise their sales operations, secured the fourth spot with N1 million. Six additional finalists received N500,000 each for their impactful contributions.
The Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, who spoke at the event, stressed the importance of young innovators in revolutionising agriculture.
He 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.”
CEO of Agrocist, Stephen Obe, expressed gratitude to FCMB, FMO, and Heave Ventures for the recognition and financial support, stating, “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.”
Technical Assistance Manager at FMO, Martine Sanders, commended the startups for their innovative solutions.
“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. From crop disease detection and coconut deshelling to a livestock farmer-veterinary marketplace and microinsurance for animals, these disruptive ideation-stage companies demonstrate the immense talent that exists in the local ecosystem,” he remarked
Executive Partner at Heave Ventures, Abiodun Lawal, highlighted the long-term vision of the initiative.
“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,” Lawal noted.
The initiative attracted over 1,000 applications from Nigeria and other African countries. Over 450 teams’ deliverables were assessed by a panel of judges, who chose the top 10 winners based on the inventiveness, scalability, and potential impact of their solutions.
