The agrifoodtech sector is bustling with innovation as startups around the world strive to address some of the most pressing challenges faced by the agriculture and food industries. In a significant development for these startups, applications have now opened for the fifth cohort of AgFunder’s GROW Impact Accelerator, a program that has been pivotal in nurturing and scaling promising agrifoodtech ventures.
Launched in 2019, the GROW Impact Accelerator has become a beacon for founders who are at the forefront of technological advancements in the agrifood space. With a focus on climate impact, human and planetary health, waste mitigation, and financial inclusion, the accelerator provides a platform for startups that are reshaping the future of food and agriculture.
As part of GROW’s 2024 program, which is set to commence in April, ten selected founders will be granted a $100,000 cash investment from AgFunder. But the support doesn’t end with financial backing. The accelerator program, which is a hybrid of virtual and in-person components, also offers introductions to a global network of co-investors and mentorship from the Singapore-based agrifoodtech accelerator, GROW.
Over a five-month period, founders will receive tailored business coaching and mentorship from experienced industry practitioners. This bespoke approach is designed to help startups refine their business strategies, enhance their technological offerings, and scale up for global growth. By connecting entrepreneurs to the vibrant Singapore agrifoodtech ecosystem, the program leverages a region known for its innovation and dynamism in the sector.
The GROW Impact Accelerator is on the lookout for startups with strong technological foundations and a proven prototype that has already demonstrated product-market fit. Ideal candidates are those who have not only validated their business model but can also showcase scalable solutions that deliver tangible environmental or social impacts. In particular, the accelerator is interested in startups innovating in areas such as artificial intelligence, carbon market solutions, food production optimization, food science, precision agriculture, and sustainable biomaterials, among others.
The importance of such accelerators cannot be overstated in a world increasingly focused on sustainability and food security. Cohort 4 alumnus Huyen Tran from DHF Platforms emphasized the unique value of the GROW program, stating that it was instrumental in connecting their business with the necessary networks to scale.
John Friedman, Asia Director of AgFunder, highlighted the critical role of food systems in addressing global climate challenges and the promising results shown by alumni companies. With the stakes higher than ever, the GROW Impact Accelerator is calling on agrifoodtech startups to apply and contribute to what Friedman describes as a “food system renaissance.”
The competition to join the accelerator is fierce, with a record 600 companies from over 80 countries vying for spots in the 2023 cohort. The program boasts an impressive list of alumni, including companies like Amatera, LYRO Robotics, and Green Rebel Foods, which have gone on to make significant strides in their respective fields.
With applications for the fifth cohort open until February 2024, agrifoodtech entrepreneurs have a chance to become part of a movement that is not only advancing technology but also making a positive impact on the planet and society. The GROW Impact Accelerator stands as an opportunity for startups to accelerate their growth and play a pivotal role in the evolution of the agrifood sector.