SparkLabs Group partners with NSW Government to launch food and agtech accelerator Cultiv8
Asia accelerator network SparkLabs Groups has partnered with the NSW Government’s Department of Primary Industries (DPI) to launch Cultiv8, an accelerator targeting food and agtech startups across the state and regional areas.
Based in the Global Agtech Ecosystem (GATE), a new agricultural global and research and development centre located in Orange’s Agricultural Institute, the accelerator will provide accepted teams access to an eight month long mentorship and training program.
Participants will be granted office space within GATE and gain access to the accelerator’s network of VC’s, angel investors and executives, with the ability to access up to $100,000 in funding in exchange for an agreed equity amount.
By focusing on startups working with agtech and foodtech solutions, the accelerator will help “digitise” the target sectors and contribute towards building a sustainable future, according to SparkLabs Cultiv8 partner Malcolm Nutt.
“We intend to cultivate early and growth stage Ag and Food Tech companies with researchers, farmers, investors and global corporate partners,” he said.
Michael Bullen, the DPI’s deputy director general, investment and business development, said the DPI looked to partner with SparkLabs in order to create a new avenue for growth within the sustainability sectors.
“The NSW DPI has more than 500 active research and development projects with a total value of $500 million, almost of half of which is invested by partners. We know that for every dollar spent on R&D there is more than ten times return on the value of that investment,” he said. Read more
James Ward - Startup Daily - 18 Sep 2017