Finalists selected for FCMB Agritech incubator pitch program

Six argitech startups have been selected as the finalists for the FCMB Argitech Epic Pitch program for 2020. 

Hosted and facilitated by First City Monument Bank (FCMB) held in partnership with the bank’s long term partner Passion Incubator, a Lagos-based early-stage incubator, and accelerator, the program aims to support early to growth-stage entrepreneurs to grow and scale their Agritech businesses. 

Six agritech startups have been selected for the FCMB Agritech incubator pitch program

Kudzai Gumunyu, Divisional Head, Agric Business at FCMB explains that the initiative forms an integral part in supporting the growth and creation of innovative agritech companies in Nigeria. 

 “This initiative plays an important role in helping young and driven Nigerian entrepreneurs grow their Agric-focused business. This mission would eventually build investible, sustainable, and scalable AgriTech businesses that can contribute to the nation’s employment rate as well as the growth of the nation’s GDP”.

The program is focused on specific agriculture value chain solutions including; 

• Processing/Production/Storage
• Agricultural Finance
• Agricultural Marketing
• Supply chain

With a reported 2000 agritech startups from over 16 countries around the world applying for the prestigious program, it is the largest number of applications received since the inception of the initiative.

The selected finalists 

Here are the six selected finalists

• Farmz2U: helping farmers farm better with tailored agricultural expertise using data and market access via system integrations.

• Beat Drone: implements drone input on the farm production process such as spraying precise chemicals, crop health assessment, and farmland mapping.

• ColdHubs: designs, installs, commissions and operates 100% solar-powered walk-in cold rooms branded as “ColdHubs”, in markets and farm clusters. The Hubs are used by smallholder farmers, retailers, and wholesalers, to store and preserve fresh fruits, vegetables, and other perishable foods 24/7, extending their shelf life from 2 days to 21 days.

• Tradebuza: digitizes commodities sourcing and trade for large agribusinesses who run out-grower schemes. We digitize their last-mile operations, including digitization of their smallholder and farmland profiles, farm activities, and post-harvest ops tracking.

• Farmspeak Technology: focuses on manufacturing IoT-powered hardware devices that work with web and mobile application using Artificial Intelligence(AI) to diagnose poultry diseases, monitor and regulate the poultry environment to help smallholder poultry farmer in Nigeria improve their farm management, reduce wastage and mortality, thereby increasing profitability in poultry farming.

• AgroHive: Africa’s first Agricultural HR startup deploying ICT in assisting over 1,000 agribusinesses tackle 1 of their biggest challenges, which is to have easy access to a consistent supply of skilled agricultural staff that will increase agribusiness productivity and profitability.

The six selected argitech startups will pitch their business concept and model to a selected panel of judges for a chance to emerge winner and receive an equity-free grant of 1-million Nigerian naira. The 1st runner up wins 500 000 Nigerian naira.

In addition, the selected winners will have access to workspace and networks for innovation and collaboration through Hub One. 

All of the finalists will pitch their concept to the following judges ;Kudzai Gumunyu, Divisional Head, Agric Business at FCMB; Kola Masha, Managing Director at Babban Gona; Yemi Keri, Co-founder at Rising Tide Africa and Rishi Raithatha, Insights Manager, AgriTech Programme at GSMA for a chance to be among the winners. 

The final will take place on 28 August with the top two startups selected winning their share of 1.5-million Nigeria Naira. 

Read more: New grant programme launches for SA small businesses
Read more: Semi-finalists for Africa’s Business Heroes Competition 2020