- FARMSLATE won the 2024 FCMB Agritech Hackathon, securing N3.5 million for its AI, IoT, and geospatial solution that connects smallholder farmers with financial resources.
- The hackathon, supported by Heave Ventures and FMO, focused on resolving agricultural issues like credit access, infrastructure, and food security.
- AgroGuardians and CarbonEx took second and third place, respectively, and seven other startups will join the venture-building phase to enhance agritech solutions.
- FCMB’s Kudzai Gumunyu highlighted the bank’s commitment to agribusiness, encouraging tech innovators to contribute to food security, rural development, and agricultural productivity.
FARMSLATE, a startup that bridges the gap between smallholder farmers and financiers through advanced technologies, emerged as the winner of the 2024 First City Monument Bank (FCMB) Agritech Hackathon.
The startup’s innovative solution leverages artificial intelligence, the Internet of Things (IoT), and geospatial analytics to create smarter, more accessible agricultural financing options. FARMSLATE was awarded N3.5 million and will now join a venture-building program to accelerate its growth.
The hackathon, powered by Heave Ventures and backed by the Dutch Entrepreneurial Development Bank (FMO), was focused on solving pressing challenges in agriculture, such as credit access, infrastructure, and food security.
AgroGuardians, which created a tool that helps farmers detect crop diseases with recommendations available in English and local languages, won the second-place prize of N2 million. CarbonEx, a platform connecting regenerative farming projects with carbon reduction funding from global corporations, placed third, receiving N1.5 million.
Seven additional startups—Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance—will also participate in the venture-building phase, collaborating to enhance agritech solutions across the industry.
“We are dedicated to advancing agribusiness through funding, capacity building, and digitization,” said Kudzai Gumunyu, Divisional Head of Agribusiness at FCMB. Gumunyu invited emerging tech innovators to join FCMB’s mission to boost agricultural productivity, food security, and the transformation of rural communities into vibrant economic hubs.
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The bank’s initiatives have positively impacted finance accessibility, research, and skill development for smallholder farmers and agricultural enterprises, creating broad economic benefits.
Read Also: FCMB Launches 2024 AgriTech Hackathon and Venture Building Program
Ifeoluwa Olatayo of FARMSLATE expressed gratitude for the hackathon experience, noting that the sessions helped refine their solution’s focus and message. “Winning the FCMB Hackathon validated our innovation and prepared us for the next stage of scaling and launching through the venture-building phase,” Olatayo said.
