The initiative from Endeavor and FMO aims to support early-stage African agritech startups and foster growth.
Endeavor and FMO announce the continuation of the African Agritech Accelerator, reinforcing their commitment to the growth of African agritech firms and food security across the continent.
Endeavor and FMO – Accelerating African agritech
Endeavor, a South African entrepreneurial platform, in collaboration with FMO, the Dutch entrepreneurial development bank, is set to initiate the second phase of the African Agritech Accelerator in January 2024. This accelerator program follows the success of the first cohort, which ran from February 2022 to February 2023.
Addressing growth challenges
The primary objective of the program is to address the growth challenges faced by early-stage agritech startups on the African continent. Building on the lessons and achievements of the first cohort, this phase will also encompass technology startups related to agriculture, broadening the program’s focus.
Mentoring and networking
Entrepreneurs will have the opportunity to interact with subject matter experts, industry leaders, and potential investors. They will benefit from Endeavor’s tailored mentoring methodology and extensive network, creating an environment conducive to growth and innovation.
Endeavor’s mission is to nurture thriving entrepreneurial ecosystems in developing and underdeveloped markets worldwide. By encouraging ambitious business owners, providing support and funding for their expansion, and facilitating their contributions to the network, Endeavor seeks to create a sustainable impact.
Shared commitment to Agritech
Alison Collier, Managing Director of Endeavor SA, expressed her enthusiasm about the collaboration, stating, “It’s truly exciting for Endeavor to collaborate with FMO and AfricaGrow to drive growth in the Agritech sector of Africa, thereby enhancing food security and fostering local revenue and job growth across the continent.”
AfricaGrow has joined as a co-funder for the program alongside FMO, demonstrating their shared commitment to bolstering the agritech sector in Africa. Together, they aim to increase the pipeline of investable companies and attract local, regional, and international investors to achieve scale.
Government and EU support
The Dutch government and the European Union jointly support the Technical Assistance Facility of the FMO Ventures Program, which includes the Entrepreneurial Ecosystem Building component. This component focuses on enhancing the maturity of the venture capital industry in emerging nations by improving the services provided by incubators, accelerators, and other entrepreneurial support organizations and facilitating early-stage financing for businesses.
Investment readiness services
Marieke Roestenberg, the program manager for FMO Ventures, emphasizes the importance of offering more investment readiness services to scaling businesses. This approach is vital for expanding the agritech sector across Africa, fostering food security, and driving economic growth.
Endeavor and FMO’s joint commitment to this initiative reflects their dedication to the advancement of African agritech and the long-term sustainability of the continent’s food production and security.
For more agriculture news, visit our dedicated archives.