We are thrilled to share some statistics behind our open call for next-generation AgriTech innovators
The second X-Europe open call for startups and scaleups closed on the 04th September, with 150 finalised applications. The 26 brightest teams have been selected to join our second cohort - AgriTech - and are already on their way to pave Europe’s way to a more fertile future.
X-Europe AgriTech journey will be full of dynamic activities and we are happy to present the statistics behind its open call.
Company and Product Stage
The selection and evaluation remained a strict and demanding process, with 10 startups with products in the market (38%), 8 in the pre-MVP and MVP phase (31%), and 8 that are scaling in the market (31%) making it to the finish line. Our startups also vary in the founding year; however, the majority of them were founded in the last 5 years (73%).
Unlike in Cohort 1, the earlier stage applicants from the Cohort 2 have shown their innovativeness and competitiveness compared to the other two maturity stages. X-Europe was thrilled to see so many young startups fighting for their moment in the sun, and the team has decided to cater to this with an adjustment in the pre-established acceptance balance amongst the stages.
Following a similar trend from the first cohort, the most popular business model among our Cohort 2 selected startups is the B2B Model (61%), while B2C (21%), B2G (10%), and B2C2B (8%) followed behind.
Home sweet home: the location of our startups & scaleups
X-Europe’s focus is mainly Visegrad 4, Baltics, Nordics, and Benelux regions. Nevertheless, following the high and pan European interest of the startups, the programme will enjoy a high degree of geographical diversity when it comes to its participants. In total, the 26 participating companies come from 16 countries (both European and H2020 associated countries), which ensures that X-Europe will have a wide impact.
The company focus and requested services
Taking a closer look into the markets of our selected startups, we see that the focus is strong on sustainable agriculture, artificial intelligence, internet of things, farm management software, biotech, and remote monitoring.
From an investment maturity perspective, our selection consists of Seed-stage startups (57%), Angel stage (15%), and Series A (3%), with the remaining of the applicants (23%) not being interested in investment.
To conclude, let’s take a look into the services requested by our startups and scaleups. The top four selected services were matchmaking with investors, matchmaking with corporations, one-on-one mentoring, and the pitch competition. Other services that were chosen and will be delivered by the X-Europe programme were growth hacking training, incubation (at TNW Amsterdam or Techchill Riga), conference attendance, access to talent acceleration (at Design Terminal Budapest). Our Pan European network and our expertise enable X-Europe to provide the spotlight for our startups as well as facilitate the right connections that will foster their future growth.
Take a look at the X-Europe’s startups & scaleups portfolio to learn more about the solutions being developed.
What’s to come?
Open Call for X-Europe’s third cohort – Artificial Intelligence and Machine Learning is live and we are inviting all startups operating with these technologies to seize this opportunity! X-Europe will also have open calls for SpaceTech (February 2021); Smart Cities & Sustainability (May 2021); and Blockchain & Cybersecurity (July 2021).
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