FarmSlate, a promising startup dedicated to bridging the gap between smallholder farmers and financiers, has emerged victorious at the First City Monument Bank (FCMB) Agritech Hackathon 2024. The company secured a grant of N3.5 million and a spot in a venture-building program designed to refine and scale innovative agritech solutions. FarmSlate’s winning entry leverages cutting-edge technologies, including artificial intelligence, the Internet of Things (IoT), and geospatial analytics, to enhance access to credit for farmers facing financial barriers.
The Agritech Hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), aimed to tackle pressing challenges in the agricultural sector, such as credit access, infrastructure deficiencies, and food security. The competition attracted over 1,000 applications from Nigeria and other African nations, with a panel of judges evaluating the deliverables of more than 450 teams. The top entries were recognized for their innovativeness, scalability, and potential impact on the agricultural landscape.
AgroGuardians, which developed a tool to assist farmers in identifying crop diseases with actionable recommendations in both English and local dialects, claimed the second-place prize of N2 million. Meanwhile, CarbonEx, which focuses on linking regenerative farming projects with carbon reduction funding from global corporations, took home N1.5 million as the third-place winner. In addition to the top three, seven other startups—Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance—will participate in the venture-building phase, aimed at advancing their agritech innovations.
Kudzai Gumunyu, divisional head of Agribusiness at FCMB, emphasized the bank’s commitment to supporting agribusiness funding and capacity building through various initiatives, including digitization and agritech. He urged new-generation tech entrepreneurs to join FCMB in its mission to enhance agricultural productivity and food security, ultimately transforming rural areas into vibrant economic hubs. The bank’s interventions have already yielded improved access to finance, research, and workforce development for individuals and smallholder farmers, creating a significant multiplier effect on the economy.
Ifeoluwa Olatayo of FarmSlate expressed gratitude for the opportunity provided by FCMB, FMO, and Heave Ventures, highlighting the value of the hackathon experience in refining their problem-solution statement. The venture-building phase promises to equip the winners with expert-led coaching and training on critical aspects such as customer discovery, Minimal Viable Product (MVP) design, Go-To-Market (GTM) strategies, and fundraising. This culminates in a Demo Day where participants will pitch their solutions to investors and stakeholders for a chance to win a share of N16 million.
Abiodun Lawal, a partner at Heave Ventures, underscored the initiative’s focus on delivering value to underserved communities in Africa, emphasizing the potential for far-reaching impacts that could unlock opportunities for millions across the continent. The FCMB Agritech Hackathon not only highlights the innovative spirit within the agritech sector but also reinforces the importance of collaboration among financial institutions, tech startups, and development partners in addressing the challenges facing agriculture in Africa.
