Social enterprise, ColdHubs has won the FCMB Agritech EPIC Pitch 2020. The startup will receive ₦1 million as well as access to workspace and networks for innovation and collaboration through Hub One. AgrotHive, which came second will receive ₦500,000.00
ColdHubs, a startup that designs, installs, commissions and operates 100% solar-powered walk-in cold rooms branded as “ColdHubs”, in markets and farm clusters has emerged winner of the First City Monument Bank (FCMB) Agritech EPIC Pitch 2020.
The program, now in its 3rd year, is how the bank supports early to growth-stage entrepreneurs in Nigeria, and by extension Africa, to grow and scale their Agritech businesses.
“We are passionate about supporting Nigeria’s tech ecosystem and this initiative is one of the ways through which we are building and accelerating the growth of the Agritech Startups in Nigeria, as well as the larger African continent…,” said Rolayo Akhigbe, Divisional Head, Transaction Banking at FCMB.
The program, organized in partnership with Passion Incubator, was targeted at Agritech businesses focused on the following Agriculture value chain solutions:
- Processing/Production/Storage
- Agricultural Finance
- Agricultural Marketing
- Supply chain
After several calls for applications were made during a 3-week period, more than 1,140 Agritech startups from over 16 countries around the world applied, the highest number of applications received since the inception of the Agritech initiative by the bank.
The bank’s Agric Desk selected 40 startups for the next stage, and then 10 — ColdHubs, Pricepally, Beat Drone, Solaristique Nigeria, Ecotutu, eVet Africa, Farmz2U, Tradebuza, AgroHive and Farmspeak Technology — for the semifinals.
For two days, the semi-finalists pitched (5 on each day) to a different set of judges for a chance to make it to the final. The judges eventually selected six startups, instead of five, for the final. In no particular order, they are Beat Drone, ColdHubs, Farmz2U, Tradebuza, AgroHive and Farmspeak Technology.
Demo Day
The final i.e. Demo Day took place online on August 28th by 10 am. FCMB’s Managing Director, Mr Adam Nuhu gave the opening remark. “It is with a sense of enthusiasm that I welcome you to the 2020 FCMB Agritech EPIC Pitch,” he began.
He went on to highlight the challenges hindering Agritech startups from scaling and how these have presented opportunities to use technology to further scale-up Agriculture. “Overall, the objective of the annual conference is to build investible, sustainable, and scalable agritech businesses that can contribute to the nation’s GDP,” he added
“In conclusion, let me use this opportunity to say thank you to our partners and the panel of judges for their immerse support. I also urge the final 6 applicants to give their best during their demos and say “May the Best Man Win”, as I declare this event open,” Mr Nuhu concluded.
For close to 2 hours, the founders of each startup answered questions from the esteemed judges — Kudzai Gumunyu, Divisional Head, Agric Business at FCMB; Kola Masha, Managing Director at Babban Gona; Yemi Keri, Co-founder at Rising Tide Africa; and Rishi Raithatha, Insights Manager, AgriTech Programme at GSMA, after their pre-recorded video pitches were played.
After a short period of deliberation by the judges at the end of the pitches, Yemi Keri declared ColdHubs the winner of the program based on total points amassed and other criteria the judges deemed fit.
Post-harvest loss (PHL) is a huge problem in Nigeria. According to this piece, it is the reason why as much as half of the harvests of perishable crops such as tomatoes, vegetables and fruits are lost, and it is one of the greatest threats facing food security in Nigeria.
These losses are partly caused by a lack of cold storage. ColdHubs solves this problem by designing, installing, commissioning and operating 100% solar-powered walk-in cold rooms in markets and farm clusters.
Branded as “ColdHubs”, the Hubs are used by smallholder farmers — who feel the brunt of PHL more; an estimated 93 million of them are affected — retailers and wholesalers, to store and preserve fresh fruits, vegetables and other perishable foods 24/7, extending their shelf life from 2 days to 21 days.
For emerging winner of the Agritech program, ColdHubs will receive ₦1 million as well as access to workspace and networks for innovation and collaboration through Hub One.
In second place is AgroHive. The startup, supposedly Africa’s first Agricultural HR startup is in the business of supplying skilled agricultural staff to agri-businesses, helping to increase agri-business productivity and profitability. ₦500,000 will be awarded the startup.
An online conference also took place. Themed “Redefining and repositioning Agricultural value chains during and post the COVID-19 era”, it brought together global experts to discuss and share insights on Agricultural value chains. You can listen to it here.
