First City Monument Bank (FCMB) has concluded its 2024 Agritech Hackathon and Venture-Building Programme, awarding N23 million to startups addressing Nigeria’s agribusiness challenges. The three-month initiative, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), culminated in a demo day where 10 finalists in the venture-building program received N16 million, while the top three hackathon winners shared N7 million. Agrocist, the top startup, secured N6 million for its AI-powered livestock disease detection and veterinary solution, while FarmSlate and Coconoto followed with N4 million and N2 million, respectively.
Speaking at the event, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, expressed optimism about the future of agritech in Nigeria, praising the ingenuity and drive of young entrepreneurs. He emphasized the bank’s commitment to supporting initiatives that empower farmers and modernize agriculture. Winners echoed these sentiments, with Agrocist’s Stephen Obe highlighting the transformative impact of the award on their technology and service delivery to farmers.
The programme, which attracted over 1,000 applications from Nigeria and beyond, showcased the growing potential of Africa’s agritech sector. FMO’s Technical Assistance Manager, Martine Sanders, underscored the critical role of business development organisations like Heave Ventures in nurturing innovation. The event not only rewarded startups but also reinforced FCMB’s mission to drive growth and sustainability in Nigeria’s agribusiness landscape.