Agritech Startups Advance to Venture Building After Hackathon Win

From left: Head of Agribusiness & Structured Trade Commodity Finance at First City Monument Bank (FCMB), Mr. Daniel Olorunsuyi; FCMB Agritech Hackathon winner Ifeoluwa Olatayo of FarmSlate; and Divisional Head of Agribusiness, FCMB, Mr. Kudzai Gumunyu, during the cheque presentation to the Hackathon winners in Lagos. The FCMB Agritech Hackathon, hosted in partnership with Heave Ventures and supported by the Dutch Entrepreneurial Development Bank, awarded FarmSlate, a startup connecting smallholder farmers with financial support, the top prize of N3.5 million. FarmSlate’s winning solution leverages artificial intelligence, IoT, and geospatial analytics and will enter a venture-building program.

The Hackathon, co-hosted by Heave Ventures and FMO, was designed to address issues like credit access, infrastructure, and food security. AgroGuardians took second place with a tool that helps farmers identify crop diseases and provides actionable steps in both English and local languages, receiving N2 million. Third-place winner CarbonEx, which connects regenerative agriculture projects with carbon reduction funding, received N1.5 million.

Additional startups — Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance — will also join the top three winners in a venture-building phase to further develop their agritech solutions. “We are dedicated to supporting agribusiness financing and capacity-building programs,” said Kudzai Gumunyu, Divisional Head of Agribusiness at FCMB, adding that the bank encourages innovators in agritech to contribute to agricultural productivity and rural development. FCMB’s efforts have improved access to financing, research, and workforce development in agriculture, benefiting the economy.

Ifeoluwa Olatayo of FarmSlate expressed appreciation to FCMB, FMO, and Heave Ventures, noting that the hackathon was an invaluable experience that helped refine their solution, allowing them to participate remotely. Winning the hackathon validates FarmSlate’s innovation, preparing them for launch and scale.

In the venture-building phase, winners will receive expert-led coaching on customer discovery, MVP design, go-to-market strategies, and fundraising, ending in a Demo Day where they will compete for a share of N16 million in funding, with investors, partners, and stakeholders present. “Our goal as technical partners was to bring value to underserved communities across Africa,” said Abiodun Lawal, Partner at Heave Ventures, highlighting the program's impact on millions across the continent.

The FCMB Agritech Hackathon received over 1,000 applications from Nigeria and other African countries, with the top 10 chosen from 450 submissions based on innovation, scalability, and potential impact.

About FCMB
FCMB is a part of FCMB Group Plc and is focused on sustainable growth by building an ecosystem rooted in Africa that connects people, capital, and markets.
About FMO
The Dutch Entrepreneurial Development Bank (FMO) aims to promote sustainable prosperity by supporting entrepreneurs. Heave Ventures
Heave Ventures provides advisory and innovation services focused on problem-solving methodologies, ecosystem development, and growth.