£5m funding competition for agri-tech SMEs
An exciting opportunity aimed at agri-tech businesses has just been launched that will provide financial support to develop innovative technology for this key sector in the South West.
The Farming Innovation Investor Partnership competition, developed with Innovate UK, uniquely combines grant funding from Defra with equity funding from Angel and Investment Funds from Innovate UK’s Investor Partner pool.
Who’s eligible?
Your project must be in late-stage research & development and seeking late seed, or Series A stage funding. This means companies that are startup or medium-sized business with an experimental technology – close to being launched – that can help farmers or suppliers in the agriculture sector. Eligible project costs have to be between £750,000-£3,000,000.
The projects are expected to be nearly ready to go, so the funding available for eligible project costs will be up to 45%. These projects must last 18 months and be able to start by April 1, 2024 – and should have links to farmers, growers and agri-businesses. They also have to be able to demonstrate the benefits to these different industries in England.
Aligned private investment must be at least twice the amount of the grant requested to complete the project and support the company to grow and scale.
How to apply?
If you’re interested in applying, applications – meeting all eligibility criteria – must be submitted through Innovate UK’s Innovation Funding Service before 11am on August 30. Detailed guidance can be found here: https://defrafarming.blog.gov.uk/2023/07/24/funding-applications-now-open-forhigh-growth-agri-tech-businesses?. Good luck!
If you’re a startup/SME in the Devon and Somerset area looking for free business advice, or to learn more, then check out https://www.heartofswgrowthhub.co.uk/