Yield Lab has announced a new accelerator programme which will offer €500,000 in support for agritech start-ups. It will support up to five companies with a support of €100,000 each, €75,000 of which will be in cash with the remaining €25,000 worth of services and support. It will also offer successful applicants an intensive mentoring and training programme to help turn ideas into internationally scalable businesses.
The programme is in its third year and to date, Yield Lab have invested in eight different companies, four of which are based in Ireland. In this round, the company will support firms with a particular focus on environmental sustainability and food security.
The news comes after Yield Lab Europe announced a €21m agritech start-up fund, which is led by a €10m investment Enterprise Ireland. This fund intends to invest in 30 companies over the next five years.
“Yield Lab Europe is going from strength to strength as we launch the third year of our accelerator programme and look to invest in companies that have exciting new innovations to address the growing problems around environmental sustainability and food security that the world faces,” said the accelerator’s managing partner Nick Deasy.
“Our formula of offering both our own equity capital, alongside mentoring and access to market and the wider venture capital industry, is in high demand from agritech start-ups across Europe, and we anticipate a lot of interest in this year’s programme.”
Dr Fiona Edwards Murphy, chief executive of Yield Lab alumnus ApisProtect, also commented: “The experience of working with the Yield Lab has been extremely helpful. This investment has enabled us to roll out our technology across the world, we now have a team of ten monitoring 10m honey bees worldwide.” ApisProtect uses sensors and monitors to track the health of honey bee colonies.
Applications for this year’s programme are open until July 31, 2019, and interested parties are advised to visit the application portal to nominate themselves for consideration.
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