Winners of FCMB agri-tech hackathon receive N23m
First City Monument Bank (FCMB) has awarded N23 million to the winners of its Agri-Tech Hackathon and venture-building programme.
The winners were recognised for conceptualising and developing practical solutions to address gaps in Nigeria’s agribusiness ecosystem.
During the demo day event held in November, the ten finalists in the venture-building programme received N16 million, while three Agri-Tech startups that excelled in the hackathon challenge held in October were awarded N7 million.
At the conclusion of the highly competitive three-month programme, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme, receiving N6 million. The agritech startup stood out for its development of a solution that uses artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers, addressing high animal mortality rates.
FarmSlate secured second place, winning N4 million for its creation of a tool that uses smart contracts, artificial intelligence, the Internet of Things, and geospatial analytics to connect smallholder farmers with financiers.
Coconoto, which focuses on creating sustainable value from coconut waste using an environmentally friendly shredding machine, came third and received N2 million. PayGo, a solution enabling firms to fully digitise their sales operations, placed fourth and received N1 million. The remaining six finalists were awarded N500,000 each.
Over 450 teams participated in the 48-hour hackathon and the four-week venture-building exercise. The diverse range of solutions presented at the FCMB Agri-Tech Hackathon highlights the depth of innovation within the agritech sector.
Commenting on the 2024 Agri-Tech Hackathon and venture-building programme, Kudzai Gumunyu, Divisional Head of Agribusiness and Non-Oil Exports at FCMB, 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 with 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.”
Stephen Obe of Agrocist expressed his gratitude to FCMB, FMO, and Heave Ventures, stating: “Agrocist ensures quick, convenient, and affordable veterinary services using digital technology to address poor livestock healthcare and farm productivity. Winning the FCMB Agri-Tech Hackathon validates our work. We will use the prize to optimise our technology and supply chain to serve our customers better.”
Martine Sanders, the Technical Assistance Manager at the Dutch Entrepreneurial Development Bank (FMO), commented: “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, supported by FCMB and Heave Ventures, demonstrate the immense talent in the local ecosystem and the pivotal role that business development organisations like Heave Ventures play in helping them scale up and bridge the financial gap.”
Abiodun Lawal, Executive Partner at Heave Ventures, also spoke about the programme: “Supporting valuable businesses that will have a trans-generational impact and create reverberating effects on people who may never be able to thank us 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.”
The FCMB Agri-Tech Hackathon and venture-building programme received over 1,000 applications from Nigeria and other African countries. A panel of judges evaluated the deliverables of more than 450 teams, selecting the top 10 winners based on the innovativeness, scalability, and potential impact of their solutions.
