The Government of Saskatchewan will be providing $15 million to help develop new technologies in the agriculture sector through Innovation Saskatchewan.
The funds will be put into a privately managed fund for agtech companies needing venture capital for startup and scaling up phases of their business.
Innovation Saskatchewan will now seek fund opportunities in the private sector for the investment, which is expected to leverage more money from private investors and complement Innovation Saskatchewan’s existing programs supporting agtech startups.
The investment is also expected to help speed up the province’s economic recovery from COVID-19 effects, said a provincial news release, and put Saskatchewan in a position to be a global leader in the agtech sector.
“The proper support, combined with strong research in agricultural innovation and the success of agtech startups, can make Saskatchewan a global force in agtech,” said Minister Responsible for Innovation Saskatchewan Tina Beaudry-Mellor, in a press release. “This investment will bring jobs and new growth to our province and equip farmers and producers with game-changing technology.”
Global demand for food is expected to rise 70 per cent in the next several decades, and the investment and other financial programs from Innovation Saskatchewan and other provincial infrastructure aims to help Saskatchewan farmers gain a competitive edge to meet those needs.