Microsoft and Monsanto join hands to invest in Agricultural Technology Startups
The software giant Microsoft and the US biotech company Monsanto have recently announced a partnership to invest in agricultural technology startups in Brazil.
The executives said that Monsanto will join a Brazilian investment fund with up to 300 million reais ($92 million), managed by Microsoft, evaluating ideas for new digital tools to be applied to agricultural production in the country.
Selected ideas will receive initial funding of up to 1.5 million reais ($459,000) for early development. Project owners will have the option to pay back the investment after three years or convert the money into equity.
“We want to foster new startups in the agricultural sector. There is a vast area for research and development,” Rodrigo Santos, head of Monsanto in Latin America, told reporters on the sidelines of the Global Agribusiness Forum (GAF 2016). Technology company Qualcomm is also investing in the fund.