Radicle Growth and Nutrien team together to create ag, foodtech innovation competition
California’s Radicle Growth announced a collaboration with Nutrien, the world’s largest provider of crop inputs, services, and solutions, to launch the Nutrien-Radicle Challenge Canada.
The Challenge will identify and invest in entrepreneurs that are solving ag and food challenges with ground-breaking technologies at both the Growth-Stage (series A or later) and Seed-Stage level. In addition to the capital infusion, the winners will have access to the Radicle and Nutrien platforms to accelerate development of their novel technologies.
Growth-Stage companies will be competing for a US$1 million investment and the Seed-Stage companies for a US$250,000 investment. To qualify, companies must be based in Canada; Growth-Stage companies must have raised a minimum of US$3 million in investment capital and Seed-Stage companies should have raised a minimum of US$100,000 in investment capital, in-kind capital or have gone through an ag-tech incubator or accelerator program. This is the first time investments of this size, and this manner, have been offered in the ag and food industry.
“Canada’s GDP generated from agriculture and agri-food is more than the national GDP of two-thirds of the world’s countries at more than $110 billion each. There is boundless potential in this region in ag and food,” said Kirk Haney, managing partner of Radicle Growth. “The Radicle Challenge concept has been incredibly successful because it not only provides much-needed capital for entrepreneurs, but also brings a partner to the table with deep ag expertise.”
After entries close, four to six finalists will be identified from both the Growth-Stage entrants and another four to six from the Seed-Stage entrants. The finalists will participate in a Pitch Day Competition at an event in Saskatoon, Sask. in early October. Each company will have the opportunity to present in front of a leading panel of judges.
The winners will not only receive a significant investment from Radicle Growth, but will have access to the Radicle and Nutrien platforms to accelerate the development of their ag and food technologies.
Applications are open until June 28, 2019.