Deadline Date: March 30, 2026
The LuxAid Challenge Fund is calling for proposals from Costa Rican enterprises to support high-impact, market-ready innovations in Agritech and Fintech with up to EUR 120,000 in co-financing to accelerate growth and scale their impact.
The LuxAid Challenge Fund is an initiative from the Luxembourg Development Cooperation designed to support commercial solutions addressing development challenges. The fund targets startup enterprises that have already tested their innovative product or service in the market with first customers and have achieved commercial revenue. Co-financing supports projects lasting 1–2 years with measurable impact on the Sustainable Development Goals through expanding customer base, aligning business models with market needs, and preparing for first external investment.
The focus areas and themes include innovations in the Agritech sector such as agricultural production and field operations, automation and robotics, sensors and IoT monitoring, data and AI decision support, water and irrigation management, inputs and biotechnology, post-harvest storage and processing, supply chain and traceability, sustainability and climate solutions, and a strong emphasis on impact measurement. In the Fintech sector, focus areas include payments and money movement, digital banking and neobanks, lending and credit, wealth management and investing, InsurTech, financial infrastructure and APIs, risk and compliance RegTech, digital assets, personal finance, and embedded finance, with a clear focus on financial inclusion and demonstrable impact on the Sustainable Development Goals.
Through this first call, the fund will grant support to 3–4 innovative solutions, each receiving up to EUR 120,000, representing up to 70% of project costs. The co-financing is a non-refundable grant and can include costs dedicated to technical assistance such as consultancy, sector expertise, certifications, and business plan development. Eligible enterprises must be legally registered in Costa Rica between 1 June 2021 and 1 June 2025, and must have proven sales revenue. Sole proprietorships, individual businesses, associations, and NGOs are not eligible.
Applicants must demonstrate at least two individuals with legal employment contracts and must not have received more than EUR 300,000 in external funding (including grants, equity, loans, etc.) within the three years prior to the submission deadline. The project must be centered around an innovation in Agritech or Fintech that represents the core business of the enterprise, with the majority of revenue derived from the proposed innovation. The product or service must have been tested on the market and generated sales revenue for at least three months by 31 December 2025, and there must be a clear commercialization plan with proof of customer interest.
The proposed business project must last between one and two years and require co-financing between EUR 50,000 and EUR 120,000. Enterprises must co-finance at least 30% of total project costs through external investment, founders’ funds, free cash flow, or sales. The call is designed to bridge the pioneer gap and support enterprises in scaling their innovation and impact in Costa Rica.
For more information, visit Luxembourg Development Cooperation Agency.
