Zim agripreneur shortlisted for US$140K AfDB grant
BUSINESS REPORTER
A Zimbabwean agripreneur Farmhut Africa Private Limited has been selected among the 25 finalists vying for top prizes in the US$140,000 African Development Bank Group’s (AfDB) 2022 AgriPitch Competition.
The 2022 edition will award three start-up categories: early start-ups (0-3 years of operation), mature start ups (3 or more years in operation) and women-empowered businesses (firms with at least 51% share of women ownership or founded by a woman).
The finalists will pitch their business plans to potential investors in the AgriPitch deal room and be eligible for one-on-one mentorship as well as access to post-competition digital expertise, the Abidjan headquartered financial institution said in a statement.
Farmhut shortens the agro supply value chain by aggregating markets, connecting farmers, restaurants, retailers and vendors together.
The food-system is improved due to improved operations of smallholder farmers in the form of lower post-harvest losses, informed decisions, and greater farmer resilience to climate and financial shocks.
The bank is working in collaboration with the implementing lead Private Equity Support and partner organisations Eldohub and the Private Finance Advisory Network.
The 25 finalists include 17 women owned or led small and medium enterprises. Of the finalists, 13 are from Francophone countries, while the other 12 are from Anglophone countries.
The AgriPitch Competition targets African youth aged 18 to 35 years working in the agricultural value chain.
The 25 finalists will receive training to build business skill capacity with the requisite tools and knowledge to bolster their investor readiness, financial management, and help them pitch bankable business proposals.
“These young agripreneurs show great potential and are a testament to the level of innovation that exists across Africa.
The Bank’s support, through the AgriPitch Competition, will boost the bankability of these projects and provide a tangible step towards enhancing agribusiness and food security on the continent,” said Edson Mpyisi, AfDB’s chief financial economist and ENABLE Youth Coordinator.
The competition received over 1,000 applications from African “agripreneurs,” including around 250 entries from women-owned or led small and medium enterprises.
“It’s reassuring to see and evaluate hundreds of great potential investment opportunities from across the region,” said Diana Gichaga, managing partner at Private Equity Support.
“It reaffirms the crucial role that the agricultural sector plays in the African economy and the continued efforts to bring these initiatives to the fore through platforms such as the AgriPitch Competition,” she added.
The AgriPitch Competition is a central and recurring activity of the African Development Bank’s ENABLE Youth Programme, sponsored by the Youth Entrepreneurship and Innovation Trust Fund of the bank.
