EBRD Announces 2024 AgVenture Startup Competition Winners, Highlighting Green Tech Innovations in Agrifood Sector

EBRD Announces 2024 AgVenture Startup Competition Winners, Highlighting Green Tech Innovations in Agrifood Sector

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has announced the winners of the 2024 AgVenture Startup Competition, recognizing innovative startups that are developing green technology solutions for the agriculture and food sectors. The winners—Proofminder, Green Growth, and Algebra Intelligence—will receive tailored advisory support worth up to €80,000, along with a €10,000 grant. Runners-up BeeHold, Farmolog, and Cropsa will also receive funding and support. The competition aims to enhance the sustainability and efficiency of food production while addressing climate change challenges. The initiative is funded by Spain through the EBRD’s High-Impact Partnership on Climate Action (HIPCA), with support from other countries.

(PRESS RELEASE) LONDON, 1-Oct-2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has announced the winners of its 2024 AgVenture Startup Competition, held to foster innovation in green technology for the agriculture and food sectors. The three winning startups, Proofminder, Green Growth, and Algebra Intelligence, were selected for their pioneering efforts in making food production more sustainable and efficient. The announcement took place at the World Agri-Tech Innovation Summit in London.

Winners:

• Proofminder (Hungary) offers an AI-powered platform that provides hyper-precise drone imagery to help farmers monitor plant health, reducing chemical use while increasing yields.
• Green Growth (Latvia) helps food producers track carbon capture, sustainability, and crop origins through essential data from machinery, leading to significant reductions in fertilizer use and improved sustainability practices.
• Algebra Intelligence (Jordan) uses IoT technology for real-time monitoring of energy and water resources, enabling agrifood companies to cut costs and improve resource management.

In addition to the winners, three startups were recognized as runners-up:

• BeeHold (Serbia) leverages AI to revolutionize beekeeping practices.
• Farmolog (Turkey) simplifies farm data analysis and reporting for certification.
• Cropsa (Egypt) connects farmers, traders, and companies in agriculture and veterinary sectors via its financial platform.

The winners will receive advisory support worth up to €80,000 through the EBRD’s Star Venture programme, a €10,000 grant, and mentoring opportunities with industry experts. The runners-up will also benefit from tailored advisory services and additional funding for business growth.

The competition was judged by EBRD executives and venture capital investors, including Natalia Zhukova, Head of Food and Agribusiness, Ervin Luga, Head of Venture Capital Investment Programme, and Andrew D. Ive, founder of Big Idea Ventures.

The EBRD AgVenture programme is designed to support early-stage businesses in their efforts to address critical challenges in food production, climate change, and sustainability. Funded by Spain through the EBRD’s High-Impact Partnership on Climate Action (HIPCA), the competition underscores the EBRD’s commitment to fostering green innovation.

Since its inception in 1991, the EBRD has invested over €200 billion in more than 7,200 projects across three continents, supporting the transition to market-oriented economies and promoting private enterprise.

Media Contact:

Tel: +44 207 338 7805
Email: Group-PressUnit@ebrd.com

SOURCE: EBRD