Rabobank and technology incubator RocketSpace have launch a food and agtech accelerator.
The joint venture, Terra, will help agtech start-ups develop go-to-market strategies and bring proof of concep technologies into commercially viable products.
“Companies around the world are responding to an industry that must adapt to tremendous change, from new consumer preferences on one end to a heightened need to feed more people with nutritious food from fewer resources,” said Rabobank North America Wholesale chief executive Rajiv Singh. “Increasing access to food, enhancing stability in the global food value chain and improving nutrition are critical pillars of Rabobank’s global Banking for Food strategy, and we think the innovations and technologies that we’ll uncover through this accelerator will move the needle.”
Terra joins a growing number of agtech accelerators. In May, AgTech Accelerator raised $11.5 million to commercialise university agtech, biotech and genomics research. In January, agtech consulting company AgTech Insight raised $10 million for its incubator AgTech Growers Alliance. In August 2015, Cultivian Capital-backed accelerator Yield Lab launched a $3.5 million funding effort to provide seed funding and consulting services to early stage agtech companies.