Agricultural technology (agri-tech) start-ups in Africa have been invited to apply for the fourth cohort of the Grow Impact Accelerator.
Start-up or seed accelerators are fixed-term, cohort-based mentorship programs that provide guidance, support, and limited funding in exchange for equity. They usually end in a public pitch event or demo day.
The Grow Impact Accelerator is backed by AgFunder, an online venture capital firm based in San Francisco, California, United States, which invests in agri-tech and food-tech start-ups.
It seeks to supercharge the growth of emerging food-tech and agri-tech startups tackling the world’s biggest sustainability challenges.
These include solutions for food that is produced, processed, packaged, transported, consumed, and disposed of across the continent.
Successful companies receive a Ksh.12.6 million ($100,000) investment from AgFunder and in-kind program benefits, including an accelerator program that refines their business model for global growth.
They will also get a series of one-on-one virtual coaching with GROW’s innovation and entrepreneurship experts over the five months and periodic check-ins with the AgFunder investment team.
How it works:
The five-month-long program, which starts in mid-April, will provide startups with the resources needed to rapidly scale, including an upfront $100,000 cash investment from AgFunder in the form of a SAFE (simple agreement for future equity).
Participants will also be able to form connections to the AgFunder and GROW networks and work with strategic investors such as Meiji Holdings, Asahi, and a number of agrifood corporations.
Applicants should have an established market fit as well as a proven minimum viable product; they should be operating in at least one market.
Additionally, they should also be able to demonstrate a scalable business model that can deliver positive, tangible environmental and/or social impacts.
Areas of particular interest for our 2023 intake include (but are not limited to):
- Food as medicine (e.g., functional foods/extended lifespan)
- Automation and robotics
- Waste reduction and circular economies
- Agrifintech and marketplaces
- Synthetic biotech and precision nutrition
- Decarbonization solutions
Twenty-nine companies from 16 countries have graduated from the AgFunder GROW Impact accelerator since its launch in 2019. Collectively these startups have raised more than $60 million.
Notable names among them include Australia’s LYRO Robotics, Philippines-based Mayani, Canadian startup Future Fields (Canada), Indonesia’s Green Rebel Foods, India’s Intello Labs, and Cellular Agriculture in the UK.
Applications for the AgFunder GROW Impact Accelerator are open until 26 February 2023. Apply here or register for the info session on February 8.