Carrot Ventures launches food and agriculture innovation challenge with up to $1.5 million in potential investment

Delivered in collaboration with XPRIZE Canada Hub, the challenge offers a $150,000 prize and a path to commercialization

CALGARY, AB, Oct. 20, 2026 /CNW/ -- Carrot Ventures, an agtech venture studio operated by Verdex Capital, has launched the Food & AgTech Innovation Challenge in collaboration with XPRIZE Canada Hub, seeking technologies that improve productivity, resource efficiency and resilience across the food and agriculture sector.

The challenge offers a $150,000 prize and selected opportunities may also be considered for up to $1.5 million in follow-on investment, subject to due diligence and investment approval.

"Some of the most exciting breakthroughs in food and agriculture never make it into the hands of the people who could benefit from them," said Collin Phillip, CEO of Verdex Capital. "We want to help change that. We're looking for innovations that tackle real challenges on farms and across the food system, and innovators who are ready to take the next step. With the right people, partnerships and capital behind them, those ideas can become businesses that make a lasting difference."

Research conducted by Verdex Capital shows that agricultural and food technologies can struggle to make the transition from development to commercial use. Carrot Ventures helps to address this gap by identifying promising technologies, recruiting experienced leadership, forming new companies and leading their initial financing.

The collaboration combines XPRIZE Canada Hub's reach and partner networks with Carrot Ventures' commercialization and investment expertise, helping connect promising innovations with the support needed to reach the market.

The Food & AgTech Innovation Challenge invites applications across two tracks. Food Innovation covers technologies for food processing, preservation, packaging, safety, traceability, distribution, waste reduction and ingredients. Produce More with Less focuses on technologies that increase agricultural productivity while reducing resource use, including biologicals, animal health, digital agriculture, robotics and automation. The challenge will assess customer value, measurable benefits, technical differentiation and the potential to build a scalable business. While applications are open globally, submissions will also be assessed for their feasibility and applicability to Canadian agriculture and food innovation. Alongside prize consideration, the challenge offers opportunities for industry connections, validation, commercialization support and venture creation.

Applications close December 31, 2026. Finalist evaluation and winner announcements are planned for January 2027. Further information and the application form are available at https://carrotventures.com/xprize-challenge/. 

About Verdex Capital
Verdex Capital is Canada's largest private, pure-play agri-food venture capital firm. Its mission is to Advance Canadian Agriculture through investment in the innovations, technologies and businesses shaping the future of food and agriculture. Building on decades of sector experience, Verdex provides capital and expertise through Carrot Ventures, AgriFund and strategic partnerships to help companies rapidly scale. Guided by the pursuit of being purposeful, impactful and curious, Verdex not only invests in agriculture and food innovation; it multiplies what's possible within it.

SOURCE Verdex Capital

Media Contact: Laurie Prescott, AdFarm, Phone: [phone], [email protected]