Farmers2Founders expanding agtech accelerator offerings in Queensland

The initiative has been made possible through a partnership with the Queensland Venture Capital Development Fund (VCDF), and it will be managed by the Queensland Investment Corporation (QIC).

Farmers2Founders was one of five accelerator programs to recently receive funding from the VCDF, in an attempt to drive innovation across Queensland.

As the only agtech specialist involved in the VCDF project, the initiative provides Farmers2Founders with a significant opportunity to unearth and support a new cohort of agriculture and food technology ventures.

Farmers2Founders is already a key player in Queensland's agtech ecosystem, with an operational presence of eight staff members, as well as strong partnerships with local startups and key industry stakeholders.

"As the sole agtech accelerator provider involved in the VCDF project, we are thrilled to shine a spotlight on the remarkable Queensland agtech sector," Farmers2Founders head of venture growth and investment Duncan Ferguson said.

"Our presence in Queensland extends beyond our operational support; we are deeply ingrained in the local agriculture and food technology community. This funding ensures that we can continue to drive meaningful impact and sustainable growth in the Queensland agriculture industry. We are delighted to be able to expand further in the state and support the scaling of 40 local agtech companies."

The VCDF funding will enable Farmers2Founders to deliver its flagship pre-accelerator program for early-stage founders and established agtech startups, as well as its accelerator program designed for Pre-seed or Series A Australian agtech businesses with high potential for scalability and global expansion. The programming focuses on product development, customer engagement, business and team modelling, and investment readiness, tailored to the different stages of growth.

As part of the project, Farmers2Founders will roll out a Queensland pre-accelerator program and accelerator program each year in 2024 and 2025. Each program will include a cohort of 10 participants, equating to a total of 40 participants at the conclusion of the two year project. The 2024 pre-accelerator is set to start in June, and the accelerator in July.

The VCDF, managed by QIC, is further bolstered by the engagement and funding of five leading venture capital firms who have also received funding to inject and invest in participants from the selected accelerator programs. This will allow for Farmers2Founders participants to not only gain greater access to investment opportunities, but also the freedom to choose the most suitable partnerships for their ventures.

Mr Ferguson said a founder could receive support whatever stage they are at on their agtech journey.

"The startup journey in the agtech sector is a unique niche," Mr Ferguson said.

"As industry experts, we see the adoption of technology presenting significant opportunities for Australian agriculture. We understand that a producer-centric approach is essential for driving innovation and sustainability in agriculture and food. That's why we put producers at the core of our efforts.

"The VCDF program is funding the delivery of our pre-accelerators and accelerators, and local founders have the opportunity to participate if it's the right fit. But our services and support goes beyond this as we don't fit founders into our model; we adapt to fuel their success. This means the individual needs of each agtech drives our approach, our pathway supports their journey, at whatever stage they are at, with customised solutions."

With over five years of operation, Farmers2Founders has supported 250-plus startups and scaleups nationwide. Of those, 45 agtech pathway participants have hailed from Queensland, including Cloncurry-based, Luke Chaplain founder of SkyKelpie and Brisbane-based, Carina Steinbakk, founder of Aevi Tech.