The Department for Environment, Food & Rural Affairs (DEFRA), led by Minister of State for Food, Farming and Fisheries – Mark Spencer, has announced the launch of the Farming Innovation Investor Partnership Competition. This new initiative aims to combine private investment with grant funding to scale up innovation in the farming sector, particularly in areas like Agri-Tech. The competition aligns with the wider £270m Farming Innovation Programme, of which £100m has already been invested in early-stage R&D projects exploring advanced agricultural technologies.
The competition opens on 24th July 2023, allowing small to medium-sized farming businesses to apply for a share of £5 million in grant funding. The purpose is to bolster sustainable food production, further progress towards net-zero emissions, enhance farm resilience, and aid nature recovery. The initiative intends to expedite agricultural R&D by blending grant money with private investment, mainly focusing on projects that show potential for growth and revenue generation.
Potential areas for innovation include livestock, horticulture, bioeconomy, and agroforestry sectors. Projects can apply for up to 45% of project costs in grant funding.
This initiative follows the ‘Nature Finance’ event held at 10 Downing Street in June and the commitments made at the UK Farm to Fork Summit in May, both emphasizing the importance of growing the economy through innovation and sustainability in the food supply chain. It is also a part of the government’s strategy to elevate the Agri-Tech sector and increase its attractiveness to investors.
Minister Mark Spencer underlined the importance of integrating cutting-edge agri-innovation with public and private investment to make farm businesses as productive as possible while safeguarding the environment.
Projects eligible for application must be led by a sole UK registered micro, small, or medium-sized business with clear connections to farmers, growers, agri-businesses, and other potential end-users. Innovate UK Investor Partners, currently comprising 80 partners, will select investors for the programme.
More details can be found on the Innovate UK website.