Friday, March 29, 2024

Start-ups offered investment opportunity

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Cutting-edge ag and food technology start-ups are being encouraged to register with Sprout for mentoring and an opportunity for investment.
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Between eight and 10 of start-ups that register will be chosen to join the Sprout accelerator, which offers $75,000 worth of business coaching, mentoring, network access, underground events and summits held around New Zealand.

International start-ups can apply and if travel restrictions allow, some may be accepted into the accelerator.

The start-ups will be split into two cohorts for 2021, the first from February until April, and the second from June to August, giving entrepreneurs in the agtech and foodtech sectors two opportunities to register.

Sprout changed its business model this year, moving from operating solely under The Factory company umbrella to being an independent investment company.

While The Factory remains a shareholder, new investors range from Fonterra to Israeli equity crowdfunding platform OurCrowd and Finistere Ventures, a San Diego-based global agricultural technology and life sciences venture capital investor.

Sprout Agritech executive director Dean Tilyard says when it was looking at international investors to bring on board, it was seeking relationships that could provide connections and accelerate start-ups into global networks.

“We wanted experienced investors, people who are aligned with Sprout’s vision of building a healthy agtech and foodtech ecosystem in New Zealand and bring their own deep knowledge of these sectors to the table,” he said.

“We’re really excited about the investment and network resources we will be able to provide to the 2021 Sprout cohort and we can’t wait to see what these start-ups are capable of with the added support and access to resources.”

For the first time, companies accepted into the accelerator with an already high-level of funding will be given the chance to receive additional investment directly from Sprout. Companies at seed stage with less than $1 million in revenue will be considered for investment.

Since 2015, agtech and foodtech start-ups have benefitted from the accelerator with alumni raising a total of $15m in capital, going on to increase their revenue by 400% and raising USD$1.35m in seed round capital.

Registrations for the 2021 accelerator close on November 20. Register your interest at www.sproutagritech.com

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