The just concluded First City Monument Bank (FCMB) and Wennovation Hub Agritech Demo Day saw Crop2cash win the grand prize.
The programme started with a call for ideas from agro-based startups from 6 geopolitical zones in Nigeria. Then a 2-week incubation programme which culminated in a demo day on Monday, 27th August.
An initial 198 applications were received and after a 2-week review, ten startups qualified for the demo day finals.
The ten finalists are Agromart, Oga Farmer, Alosfarm, Kosher Integrated Farms, Crops2cash, Dilivas Box, Comestibles, FarmMonie, Farm Spark and Green Maple. And they all pitched to a jury with a feedback and question session immediately after every pitch.
The day’s winner, Crop2cash is a startup that connects farmers to capital and profitable markets went home with equity free grant of ₦1.25 million.
Runners up Dilivas Box provides healthy food options for customers in boxes and helps. The judges decided their idea was solid enough for the ₦1 million second prize money.
The FCMB-Wennovation Hub Agrictech incubation program seeks to guide early stage entrepreneurs to test and validate their ideas as well as gather their first set of customers or pivot if need be.
This will be done through a combination of financial support, guidance and training.
FCMB interestingly is fast becoming the preferred Bank in the Techspace through its different activities and programmes aimed at the development of tech startups across Nigeria.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.