The initiative began with an invitation for ideas from as-many agro-based startups from the 6 geopolitical zones in Nigeria, which was followed by a 2-week incubation program which culminated in a demo day on Monday 27th August. The platform received initial applications totaling to 198, all of which were reviewed and narrowed down to 10 startups qualifying for the finals.
The other 9 finalists in the challenge were Agromart, Oga Farmer, Alosfarm, Green Maple, Comestibles, FarmMonie, FarmSpark, Dilivas Box and, Kosher Integrated Farms. Crop2cash along with these startups pitched for five minutes to a jury with a feedback and question session immediately after every rendition. The panel comprised of Michael Oluwagbemi and Kudzai Gumuyu, who are the Wennovation Hub executive partner and FCMB divisional head for agri-business, respectively.
Crop2cash is an agro-based startup that connects farmers to capital and profitable markets, while runner-up Dilvas Box, who went home with second-prize money USD 2,800, provides healthy food options for customers in boxes and helps.
The FCMB-Wennovation Hub Agritech incubation program is out to guide early-stage entrepreneurs to test and validate their ideas and also gather their first set of client pivot should the need arise. This is achieved by means of an amalgamation of financial support, guidance, and intensive training.
Rather interestingly, First City Monument Bank is on a fast pace in becoming the preferred banks in the tech space because of its variety of initiatives and programs tailored for the development of tech-enabled startups from different parts of Nigeria.