Regina’s AGTECH ACCELERATOR, founded by Cultivator powered by Conexus (Cultivator), Emmertech, and Economic Development Regina (EDR), shared the results of its inaugural cohort on Oct. 26.
In the first half of 2022, the cohort raised $21.9 million in private capital, generated $9.84 million in revenue, received $14.4 million in public funding, created 32 net new jobs, and developed 34 patent applications.
“What started as an idea and a one-time agtech event (24 Hour Startup Agtech) has blossomed into Canada’s most active and impactful agtech accelerator in less than a year,” said Jordan McFarlen, incubator manager, at Cultivator. “The magic mix of venture capital, accelerator programming, mentorship, and expansive industry connections have created an unfair advantage. We are blown away by the early wins in year one. We can confidently say companies participating in our AGTECH ACCELERATOR program raise significant amounts of capital and generate significant revenue. We’re extremely proud of the founder experience we’ve created and most importantly proud of the founders for the amazing business outcomes they’ve achieved.”
The AGTECH ACCELERATOR was designed to grow Canadian agtech startups. The inaugural cohort 1 consisted of 16 companies from across Canada and the UK with the program running for three months. The program is supported by the AGTECH ACCELERATOR’s Advisory Council and program partners including Innovation Saskatchewan, Prairies Economic Development Canada, Innovate UK, Glacier Farm Media Discovery Farm, University of Saskatchewan, University of Regina, and Saskatchewan Polytechnic.
“The AGTECH ACCELERATOR has not only connected Emmertech to the best and brightest agtech companies in Canada and the UK, but it’s also a fantastic sector-specific program that brings unparalleled value to our early-stage portfolio companies,” said Sean O’Connor, Managing Director of Conexus Venture Capital Inc. and Emmertech. “The program is the catalyst that unites agtech ecosystems across Canada and plays a key role in putting Canada on the map as a global leader in this space. The biggest problem in agtech across Canada is the lack of dialogue between the innovators and industry. The AGTECH ACCELERATOR solves this problem as it creates constant and sustained collisions between the founders and their potential customers, partners, and ecosystem supporters.”
“Alongside Cultivator and Emmertech, EDR is proud to be a founding partner in the AGTECH ACCELERATOR, serving as a critical link between the accelerator and industry, and leveraging new partnerships that continue to advance the accelerator’s important work. Regina’s economic future relies on collaboration, innovation, and the ability to leverage our strengths, and this accelerator allows us to achieve all three,” said Chris Lane, CEO of Economic Development Regina.
Cohort 2 applications will open for agtech companies across Canada in the second week of November.