The funding will help agtech companies to develop past the startup phase and enhance their business operations and manufacturing
Saskatchewan has announced investment to boost development of new agricultural technologies. (Credit: Catkin from Pixabay)
Canadian province Saskatchewan has announced CAD15m ($11.3m) funding to support the development of new technologies in the agriculture sector.
Via Innovation Saskatchewan, the Government of Saskatchewan will invest funds in a privately-managed fund to exclusively support agtech companies, which need venture capital to develop past the startup phase and boost their business operations and manufacturing.
Saskatchewan innovation minister Tina Beaudry-Mellor said: “The proper support, combined with strong research in agricultural innovation and the success of agtech startups, can make Saskatchewan a global force in agtech.
“This investment will bring jobs and new growth to our province and equip farmers and producers with game-changing technology.”
The investment will help advance the province’s economic recovery from Covid-19
The investment will help advance Saskatchewan’s economic recovery from Covid-19, as well as build upon a record year for venture capital investment in the province.
Upon the selection of the partner, the $15m is expected to leverage millions more from private investors, enabling to complement Innovation Saskatchewan’s existing programmes that support agtech startups.
Innovation Saskatchewan will help farmers to better meet future requirements, as the global demand for food is expected to increase by 70% by 2050.
The agency’s new investment, along with the Saskatchewan Advantage Innovation Fund, Saskatchewan Technology Startup Incentive and the $1m Agtech Growth Fund announced in July, will work the province’s other agricultural infrastructure to advance the provincial economy, add value to region’s agricultural products and expand the technology sector.
All these objectives are part of Saskatchewan’s Growth Plan 2020-30.
Saskatchewan agriculture minister David Marit said: “Saskatchewan is rising to the challenge of feeding a growing world population and innovation in agriculture technology plays an important role in meeting that growing demand.
“This investment will ensure producers have made-in-Saskatchewan technology that supports their efforts to grow high-quality, sustainable food.”
In May this year, The Government of Canada announced CAD$252m ($179.3m) to better support farmers, food businesses, and food processors during the Covid-19 pandemic.