Three Startups Take Top Prizes at Indoor Agriculture Pitch Competition Held During 4th Annual Indoor Ag-Con Asia Event
SINGAPORE, SG , January 24, 2019 – Indoor agriculture startups Grower Agritech , Biteback and Farmers Cut won top honors at the Indoor Ag-Ignite competition finals held during Indoor Ag-Con Asia, the premier event covering the technology of growing crops in indoor systems using hydroponic, aeroponic and aquaponic techniques, January 15-16, 2019 at the Marina Bay Sands, Singapore. Designed to support entrepreneurs in the fast-growing indoor agriculture industry and find the most innovative new ideas globally in the sector, the competition was co-hosted by Indoor Ag-Con and its lead sponsor, Enterprise Singapore.
Enterprise Singapore awarded a Startup SG Grant of S$50,000 to each winning team consisting of two components: (1) S$25,000 non-dilutive cash grant which can be utilized to accelerate commercialization efforts, and (2) a further S$25,000 which can be converted into equity shares at the next round of fundraising.
Each winning team will also receive substrates and technical advice from Indoor Ag-Con Asia sponsor and exhibitor, Smithers-Oasis. The company’s global expertise of the plant and flower business stretches from propagation to presentation –offering Indoor Ag-Ignite winners the chance to tap into a wealth of industry insight and knowledge.
“New technologies and approaches are transforming indoor agriculture at a rapid clip and we want to do everything we can to help emerging entrepreneurs bring their ideas to market,” said Nicola Kerslake, “This represents our 2nd annual competition and we were especially pleased to see the number of year-on-year entrants grow significantly . Most important, we were thrilled to partner once again with Enterprise Singapore to unearth promising startups — like our incredible Indoor Ag-Ignite winners and all the entrants – in the space.”
“The agility and high-risk appetite of agri-food tech startups put them in the driver’s seat of disruptive technologies. Indoor Ag-Con Asia is a great place for these companies to connect with global agriculture experts, researchers and investors – for knowledge exchange and co-innovation opportunities. Enterprise Singapore is pleased to continue our support for Indoor Ag-Con Asia and Indoor Ag-Ignite in building a network of like-minded entrepreneurs who aspire to transform Asia’s agriculture landscape,” added Ms. Kee Ai Nah, Executive Director of Lifestyle & Consumer Cluster, Enterprise Singapore.
The Indoor Ag-Ignite competition was open to any team or company of under 40 employees developing or deploying innovative technologies for the indoor agriculture industry. Competition applicants were able to make their pitches via video chat for the initial round of the competition. Five finalists — AlgaHealth, Biteback, Farmers Cut GmbH, Grower Agritech LLP, Growflux –received stipends towards travel to Singapore to participate in the finals. The judging panel included Michael Dean, AgFunder; Isabelle Decitre, ID Capital; Sarai Kemp, Trendlines Agtech and Edwin Chow, Enterprise Singapore
Indoor Ag-Ignite 2019 Competition winners are:
BITEBACK — Biteback is an Insect Bio-refinery company aiming to meet an increasing global demand for palm oil by creating a healthier and more sustainable alternative with 40 times more yield per ha. Biteback has developed a processing technology that allows extraction of more than 90% of fats of insect body mass which is refined into various functional ingredient like cooking oil, butter, fatty alcohol, and bioenergy.
FARMERS CUT GMBH — Farmers Cut has started tackling the challenge of year round
local food production by designing a sustainable system impervious to outdoor
environmental conditions resulting in pesticide free, nutrient rich greens. The
company’s vision is to provide local, healthy, fresh, pesticide-free produce to
the urban population all year round
GROWER AGRITECH LLP – Specializing in the cultivation of high-value crops, Grower Agritech is a Singapore incorporated company with its management, agritech science team and executives from Singapore and Thailand. The company’s flag- ship project – Truffle Vertical Farm (TVF) – is a revolutionary technology to cultivate in- vitro, truffles species, indoors.
Indoor Ag-Con returns to Las Vegas from May 22-24, 2019 for its 7th Annual Indoor Ag-Con. which will be held at the Red Rock Resort & Conference Center. For more information visit www.indoor.ag
ABOUT INDOOR AG-CON
Indoor Ag-Con was founded by Newbean Capital in 2013, and has since grown to the premier event in indoor agriculture, the practice of growing crops, raising fish and insects in indoor systems, using hydroponic, aquaponic and aeroponic techniques. Its events are tech-focused and crop-agnostic, covering produce, legal cannabis, alternate protein and non-food crops. It hosts events in Las Vegas, Singapore and the US East coast. In December 2018, three event industry professionals – Nancy Hallberg, Kris Sieradzki and Brian Sullivan – purchased Indoor Ag-Con LLC from Newbean Capital, so setting the stage for further expansion of the events globally.
More information: https://indoor.ag
Enterprise Singapore is the government agency championing enterprise development. Its vision for Singapore is a vibrant economy with globally competitive Singapore enterprises. International Enterprise Singapore and SPRING came together on 1 April 2018 as a single agency to form Enterprise Singapore. The mission is to grow stronger Singapore companies by building capabilities and accessing global opportunities, thereby creating good jobs for Singaporeans. Enterprise Singapore works with committed companies to build capabilities, innovate and internationalise. The agency also also supports the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body Enterprise Singapore continues to build trust in Singapore’s products and services through quality and standards. More information — www.enterprisesg.gov.sg