SproutX, the first Australian agritech accelerator program, is open for applications.
The program, that was launched in partnership with in partnership with National Farmers Federation and financial advisory and accounting firm Findex in January 2016, has already completed a pre-accelerator program, which you can read about here.
Startups that are accepted into the cohort will receive A$40k for an 8% equity stake in return for 6-months of office space, one-on-one coaching with agtech entrepreneurs and mentors, and access to SproutX’s network of investors.
A key point of differentiation for SproutX is its partnership with RuralCo, a major ag retailer in Australia, and Meat & Livestock Association (MLA), who will work with the cohort in various capacities.
“Ruralco have made a big commitment to help startups get products in store and they’ve got relationships that span generations of farmers, with over 600 store fronts across the country,” said Andrew Lai, the accelerator director. “Our thing is we’re not just dumb money and coaching; we’re positioning ourself as the place entrepreneurs can get their businesses going in Australian agritech.”
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The program has successfully raised $10 million from Artesian, a local alternative assets manager, which is bringing funds from local superannuation fund HostPlus. This marks a rare, but much welcomed investment by Australia’s pension system, which has largely failed to invest in the country’s agriculture industry.
The program is likely to keep the fund open for an oversubscribed round as it’s seeing interest from additional investors in Australia.
SproutX is keen for applications from across the agtech gamut, but so far has noticed a particular number of IoT and data products, according to Lai.
Applications close on May 8, so hurry up and click here to find out more!