Agritech startup wins venture building spots in Hackathon

A startup that connects smallholder farmers with financiers, FarmSlate, has won the First City Monument Bank (FCMB) Agritech Hackathon for the year 2024.

FarmSlate got a prize money of N3.5 million and will now take part in a venture-building programme.

The startup has a winning solution made use of artificial intelligence, the Internet of Things, and geospatial analytics to emerge as winners.

The Agritech Hackathon, is powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO).

It set the stage for solutions addressing credit access, infrastructure, and food security challenges.

AgroGuardians, which built a tool to aid farmers in identifying crop diseases with actionable recommendations in both English and local languages, finished second, carting away a prize of N2 million.

CarbonEx, which places focus on connecting regenerative farming projects with carbon reduction funding from global firms, took home N1.5 million, having finished third.

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).