Business

FCMB Agritech Hackathon: AI-powered solution takes top prize

November 1, 2024 9:45 am

From left:Head, Agribusiness & Structured Trade Commodity Finance, First City Monument Bank (FCMB), Mr. Daniel Olorunsuyi; Winner of the FCMB Agritech Hackathon, Ifeoluwa Olatayo of FarmSlate and Divisional Head, Agribusiness, FCMB, Mr. Kudzai Gumunyu, during the presentation of cheque to winners of the Hackathon in Lagos recently. The FCMB Agritech Hackathon was in partnership with Heave Ventures and supported by the Dutch Entrepreneurial Development Bank.

FarmSlate, a startup connecting smallholder farmers with financiers, has won the First City Monument Bank (FCMB) Agritech Hackathon 2024. Its winning solution uses artificial intelligence, the Internet of Things, and geospatial analytics to achieve this. The startup received N3.5 million and will now participate in a venture-building programme.

The Agritech Hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), set the stage for solutions addressing credit access, infrastructure, and food security challenges. AgroGuardians, which designed a tool to help farmers identify crop diseases with actionable recommendations in both English and local languages, won the second-place prize of N2 million. CarbonEx, focused on connecting regenerative farming projects with carbon reduction funding from global firms, took home N1.5 million as a third-place winner.

From left: Tech Ecosystem & Venture Sourcing Officer, First City Monument Bank (FCMB), Mr. Nsembo Udoh; Second runner-up of the FCMB Agritech Hackathon, Ogah Abeni of CarbonEx; Head, Agribusiness & Structured Trade Commodity Finance at FCMB, Mr. Daniel Olorunsuyi; winner of the Hackathon, Ifeoluwa Olatayo of FarmSlate; Divisional Head, Agribusiness at FCMB, Mr. Kudzai Gumunyu and the first runner-up, Sufiyanu Ibrahim of AgroGuardians, during the presentation of cheque to winners of the Hackathon in Lagos recently. The FCMB Agritech Hackathon was in partnership with Heave Ventures and supported by the Dutch Entrepreneurial Development Bank.

Seven additional startups – Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance – will join the top three in a venture-building phase to advance these agritech solutions.

“We are committed to supporting agribusiness funding and capacity building through various programmes, including digitization and agritech,” said Kudzai Gumunyu, Divisional Head of Agribusiness at First City Monument Bank (FCMB). He called on new-generation techies in the agritech space to join FCMB in its efforts to boost agricultural productivity and food security, ultimately transforming rural areas into thriving economic centers.

The Bank’s interventions have resulted in better access to finance, research, and manpower development for individuals, smallholder farmers and companies in the agricultural sector, with a multiplier effect on the economy.

Ifeoluwa Olatayo of FarmSlate expressed gratitude to FCMB, FMO, and Heave Ventures, saying, “The FCMB Hackathon was a unique experience. The insightful sessions helped us communicate our problem-solution statement effectively, and the well-managed process allowed us to participate remotely, which was a valuable opportunity. We are glad our innovation won the hackathon, validating our solution and preparing us for launch and scale through the venture-building phase.”

The venture-building phase will provide the winners with expert-led coaching and training on customer discovery, Minimal Viable Product (MVP) design, Go-To-Market (GTM) strategies, and fundraising. It will culminate in a Demo Day, where the participants will pitch to judges for a chance to win a share of N16 million. Investors, partners, media, and other stakeholders in the tech ecosystem will be in attendance.

“Our primary motivation as technical partners was to deliver value to underserved communities in Africa – those who may never get to say thank you. We believe this work has a far-reaching impact and can unlock value for millions across the continent,” said Abiodun Lawal, Partner at Heave Ventures.

The FCMB Agritech Hackathon and venture building programme received over 1,000 applications from Nigeria and other African countries. A panel of judges carefully evaluated the deliverables of over 450 teams, selecting the top 10 winners based on their solutions’ innovativeness, scalability, and potential impact on the agricultural sector.

About First City Monument Bank (FCMB)

First City Monument Bank (FCMB) is a member of FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people, capital, and markets.

About Dutch Entrepreneurial Development Bank (FMO)

FMO is the Dutch entrepreneurial development bank. Its mission is to enable entrepreneurs to increase inclusive and sustainable prosperity.

Heave Ventures

Heave Ventures works with individuals and organisations to apply problem-solving methodologies and technology innovation for growth. It provides advisory services ranging from facilitating ideation, design thinking, and managing ideas backlog to product and ecosystem development cycles.