FCMB Agritech rewards startups

First City Monument Bank has awarded winners of its 2024 Agritech hackathon and venture-building programme N23m, recognising their innovative solutions to Nigeria’s agribusiness challenges.

A statement made available to our correspondent by the bank on Monday stated that the hackathon, which ran for three months and was powered by Heave Ventures with support from the Dutch Entrepreneurial Development Bank, concluded with a demo day in November, where 10 finalists in the venture-building programme received a total of N16m, while the top three startups in the hackathon challenge took home N7m.

According to the statement, Agrocist emerged as the overall winner of the venture-building programme, receiving N6m for developing an artificial intelligence solution that detects livestock diseases and provides veterinary services to farmers, tackling the issue of high animal mortality.

FarmSlate followed in second place, winning N4m for its tool that connects smallholder farmers with financiers through smart contracts, artificial intelligence, and geospatial analytics.

Coconoto, which focuses on creating sustainable value from coconut waste using eco-friendly technology, secured third place and received N2m, PayGo, a digital sales solution for businesses, placed fourth and earned N1m, while other six finalists were awarded N500,000 each.

Speaking at the event, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, expressed confidence in the future of Nigeria’s agritech sector, saying, “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 supporting initiatives that provide farmers and agribusinesses with access to funding and resources, we are empowering them to modernise and thrive.”

The winners also expressed their gratitude for the support, with Stephen Obe of Agrocist noting, “Winning the FCMB agritech hackathon validates our work. The prize will help us optimise our technology and supply chain, ensuring we provide better services to farmers and improve livestock healthcare.”

Additionally, Technical Assistance Manager at FMO, Martine Sanders, highlighted the significance of the programme, stating, “FMO is pleased with the outcomes of this hackathon. The solutions presented reflect the immense potential within Nigeria’s agritech space and the critical role that business development organisations like Heave Ventures play in supporting these young entrepreneurs.”

According to the statement, the competition attracted over 1,000 applications from across Nigeria and other African countries, with 450 teams vying for top spots. The winning startups were selected based on the innovativeness, scalability, and potential impact of their solutions.

The PUNCH reported that First City Monument Bank has kicked off the 10th season of its “Millionaire Promo,” a campaign designed to reward and empower customers across Nigeria.