FarmSlate, a pioneering startup focused on empowering smallholder farmers, emerged as the winner of the First City Monument Bank (FCMB) Agritech Hackathon 2024. Using artificial intelligence, the Internet of Things, and geospatial analytics, FarmSlate’s solution connects smallholder farmers with essential financial backing. The startup received N3.5 million and a coveted spot in a venture-building program to scale its solution.
The FCMB Agritech Hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), highlights innovative approaches to bridging credit gaps and strengthening food security. AgroGuardians, the second-place winner, created a tool for farmers to diagnose crop diseases with advice available in English and local languages, winning N2 million. CarbonEx, which helps regenerative farming projects access carbon reduction funding, earned third place and N1.5 million.
FarmSlate and the other winning startups will now join a venture-building phase featuring expert-led sessions on customer discovery, Minimal Viable Product (MVP) design, Go-To-Market strategies, and fundraising. The program will culminate in a Demo Day, where participants can win a share of N16 million.
Quotes from Leaders:
“We are committed to supporting agribusiness funding and capacity building,” said Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness. “We encourage techies in agritech to join FCMB in advancing agricultural productivity and transforming rural areas into thriving economic centres.”
Ifeoluwa Olatayo of FarmSlate shared her appreciation: “The FCMB Hackathon was a unique experience, helping us validate our solution and prepare for launch and scale.”
With over 1,000 applications from across Africa, the top 10 winners were selected based on their solutions’ innovation, scalability, and potential impact on agriculture.
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