Kumulus, a Tunisian startup operating in water industry, won Tuesday the European Bank for Reconstruction and Development’s startup competition AgVenture aiming at supporting innovative early-stage agribusiness technology ventures in the economies where EBRD invests.
The challenge unveiled the names of the winners at EBRD Consumer Rules Summit held in Zagreb, Serbia. Kumulus produces and operates machines replicating the dew phenomenon, sustainably producing fresh water.
The company’s website says the venture designs, manufactures, and operates machines that create drinking water using solar power and the humidity in the air. Other two winners include Biftek and Smapp Lab.
Biftk, from Turkey, is growth supplement producer cutting the cost of lab-grown meat while Smapp Lab is a Hungarian insect monitoring platform that helps farmers optimize pesticide use.
EBRD AgVenture will assist these start-ups to enhance their competitiveness and growth, which will contribute to the major problems faced by food systems today including but not limited to food security, rising input costs, intensified climate change, and fair inclusion of minorities, and small businesses in global value chains.
The winners will receive a tailored advisory service through the dedicated EBRD Star Venture experience in value of €80,000 for winners, a €10,000 grant for additional services, visibility at global forums and connection to EBRD and other networks.
The summit focuses on consumer spending, which drives nearly 60% of world GDP, and is an engine for economic activity. It aims at connecting entrepreneurs with international investors, retailers, food producers, regulatory authorities, and other relevant stakeholders, with the aim to promote investments in these highly dynamic sectors, strongly supported by the EBRD.