Yield Lab programme offers €500,000 for AgTech start-ups
AgTech accelerator programme, Yield Lab Europe, has opened for applications for its 2019 accelerator programme.
The initiative will support up to five start-up companies with an investment of €100,000 each.
In addition, successful companies will benefit from a mentoring and training programme to help them turn their ideas into successful internationally scalable businesses.
Now in its third year, Yield Lab has to-date invested in eight companies, four of which are based in Ireland.
The programme looks to offer early stage venture capital to AgTech start-ups, particularly those with a focus on addressing issues of environmental sustainability and food security.
Nicky Deasy, managing partner of Yield Lab Europe said: “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.”
Last month Yield Lab, which is headquartered in Galway, announced it had raised €21m for a new European venture capital fund to invest in the AgTech sector, backed by a €10m investment from Enterprise Ireland and €4m from AIB.
This money will support both the accelerator fund, and a larger follow-on fund to lead Series A investment rounds in the accelerator companies as they grow.
The fund intends to invest in 30 companies over the next five years.
Yield Lab has already committed to a follow-on investment in ApisProtect, whose technology helps commercial beekeepers protect the health of their honey bees.
In November 2018 ApisProtect announced it had completed a €1.5m fund raises supported by Yield Lab, Enterprise Ireland and other venture capital investors.
Elsewhere, and Yield Lab has appointed Roberto Vitón as a venture partner.
Mr Vitón is a former McKinsey consultant and founder of food and agricultural investment specialist Valoral Advisors.