FarmCrew intends to award startups with an investment fund of up to $50,000 per startup. This investment fund is earmarked for 10 successful agrictech Startups for the last quarter of the year 2020.
FarmCrew Innovation Fund (FCIF) is an investment fund dedicated to helping agritech startups kick start their innovative ideas and solutions.
These solutions are expected to have the potentials capable of improving SMART agriculture in Nigeria and Africa and creating scalable and effective value chains in the sector.
It is an incubator approach that is aligned with an accelerator mentor-ship or incubation program aimed at equipping successful startups with the right skills, exposures, and resources to make the solutions marketable and profitable. FarmCrew facilitates this partnership to ensure proper and effective use of the fund and facilitate good returns for the investors.
Application Process
- Applicant or startup completes an online application form.
- Applications that are duly completed and based on agric-tech innovative solutions are confirmed. Non-agric-tech startup applications are rejected.
- FarmCrew Selection Committee reviews confirmed applications and select agrictech startups with innovative solutions.
- Selected applicants or startups would be sent detailed mail about the procedure involved in the defense of their solutions. The scheduled date for each startup interview/defense, Format of Pitch Document, and Proposal Requirement would be sent via mail to the applicants.
- Experts in the field of finance, technology, and agriculture would team up with FarmCrew Committee to choose up to TEN successful agric-tech innovative solutions after the presentations/interview/defense.
- Successful applicants or startups would submit all relevant business and legal documentation while being integrated into the Mentor-ship program to establish the area of funding. The mentor-ship/incubation program stage is the period when FarmCrew gets to interact with the startups and provides resources, access to industry mentors/training, enabled interactions with other entrepreneurs, and releases the fund for the startups’ projects all through to the survival stage.
Evaluation Criteria
- Business strength
- Innovation, technology
- Scale-up and investment potentials of the startups that do apply
To apply, click here.
Application closes October 31st, 2020.