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Allens cultivates agtech with SproutX

16 September 2016

Allens is supporting Australia's agtech boom as a launch partner of SproutX, Australia's first agtech pre-accelerator and $10 million agtech accelerator fund.

A joint initiative of the National Farmers' Federation and Findex, SproutX will be launched in Geelong today by the Victorian Minister of Agriculture and Regional Development, the Hon Jaala Pulford MP.

SproutX's initiatives include Australia’s first agtech pre-accelerator, designed to unearth and seed startup ideas in agriculture, and a $10 million accelerator fund that will invest and back the best ideas in agtech, supported by Artesian Venture Partners. SproutX is supported by an initial $1 million grant from the Victorian Government, and further backing from industry giants including Findex and Ruralco.

'We are delighted to be leading the legal sector in supporting agtech startups to develop and commercialise their ideas through SproutX,' said Allens Partner Richard Kriedemann.

'Australia is uniquely placed to take advantage of the agtech boom thanks to our proud agricultural history, passion for innovation, and scientific success.'

'At Allens, we are already supporting agtech startups through our Allens Accelerate practice, where we work with startups, investors, corporates and government agencies across the spectrum of innovation. We're pleased to be taking that support to the next level through our partnership with SproutX.'

'SproutX will create exactly the right environment for collaboration between the stakeholders who will be responsible for the next phase of agtech developments' Richard said.

'Australia’s biggest natural advantage lies in agriculture, not fintech, and we need to invest to ensure that we lead the way in developing and commercialising innovations in agtech' said Sam Trethewey, General Manager of SproutX.

'We’re still in our infancy, but it’s important to get behind the agtech industry now and stimulate its growth. We need to connect innovators, investors and the agri-community to help bring ideas to fruition, and this pre-accelerator lays the groundwork for that.'

Find out more about SproutX: http://sproutxc.nextmp.net/

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 39 offices in 28 countries around the world.