xFarm Applied sciences Closes €36m Sequence C
The European tech firm that helps to digitalise the agri-food sector and make it extra sustainable has raised €36 million in a Sequence C funding spherical. It will allow the corporate to speed up its growth throughout Europe, Turkey, Latin America, India and the US, improve its providers and supply even larger assist for the implementation of regenerative agriculture, utilizing fashions primarily based on synthetic intelligence applied sciences for knowledge evaluation.
2024 marks a 12 months of main progress for xFarm Applied sciences, the tech firm that helps the work of greater than 450,000 farms throughout greater than 100 provide chains, overlaying 7 million hectares worldwide, via its Farm Administration Data System (FMIS), the xFarm digital platform. After integrating Greenfield Applied sciences, a Spanish firm centered on Regenerative Agriculture, and SpaceSense, a French model specialised in Geospatial Synthetic Intelligence, in April, an operation that cemented its place as a European chief within the digitalisation of the agri-food sector, xFarm Applied sciences has introduced the closing of a €36 million Sequence C funding spherical.
The brand new spherical, which follows the €17 million Sequence B spherical in 2022 and the primary €3 million spherical in 2019, was led by international expertise funding agency Partech, via its Influence Development Fund, which goals to scale European impact-native expertise leaders in search of to unravel environmental and social challenges. The spherical additionally noticed the participation of Mouro Capital, a London-based enterprise capital agency concentrating on growth-stage fintech funding alternatives throughout Europe, North America, and Latin America. Swisscom Ventures, United Ventures, and all earlier institutional buyers additionally participated within the spherical, demonstrating their confidence in xFarm Applied sciences primarily based on its vital achievements over the previous two years.
The corporate is already nicely established in Europe, specifically in Switzerland, Italy, Spain, France, Germany, Poland and the UK. The capital raised on this Sequence C spherical will allow it to consolidate its management in Europe and speed up its growth all through the remainder of the continent, in addition to in LATAM, India, Turkey, and the US, the place it has already began to strengthen its presence via new hiring and strategic partnerships. xFarm Applied sciences additionally intends to enhance its efficiency, develop its providers additional, and tailor them to the wants of particular markets and clients.
Sustainability stays a precedence for the tech firm, which goals to assist its companions and clients in implementing Regenerative Agriculture practices at scale, offering them with much more superior options and applied sciences, utilizing more and more progressive instruments, corresponding to Geospatial Synthetic Intelligence.
The participation of Mouro Capital on this funding spherical will likely be essential for the creation of the brand new Fintech and Insurtech division of xFarm Applied sciences, which is set to additional develop its providers within the fields of danger administration and lending. It will allow xFarm Applied sciences to supply much more assist on the insurance coverage and monetary administration facet.
“It is a time of profound change and main challenges for the worldwide agri-food business. At xFarm Applied sciences, we need to proceed to supply essentially the most superior and efficient instruments to navigate this panorama, with additional funding in R&D and innovation, cutting-edge applied sciences in local weather intelligence and AI for agronomic assist, and a deal with sustainability and Regenerative Agriculture,” says Matteo Vanotti, CEO of xFarm Applied sciences. “We’re excited to announce this funding spherical and are proud to have world-class companions like Partech, Mouro Capital and all the opposite buyers who’ve positioned their belief in us. With their assist, we’ll proceed to innovate, driving digitalisation from a provide chain perspective and serving to farmers to handle their farms much more successfully and sustainably.”
“We’re really delighted to companion with one of many main AgTech corporations on the earth,” remark Rémi Stated and Arnaud Minvielle, Normal Companions at Partech. “We imagine that xFarm Applied sciences, with its best-in-class technological horizontal resolution, its progressive path to market, its deep understanding of the farmers’ wants and its international footprint, has all the weather to develop into the worldwide chief in farm administration software program and a important participant within the agricultural worth chain transition. We’re very proud and honoured to embark on this journey with xFarm Applied sciences and its very gifted staff.”
“As conventional fintech buyers, we really feel that xFarm Applied sciences’ imaginative and prescient to digitalise the agricultural sector concurs with their product being an incredible entry level to serve their purchasers’ monetary wants,” remarks Manuel Silva Martínez, Normal Companion at Mouro Capital. “We’re excited to assist Matteo and the staff in increasing their imaginative and prescient into our core space of experience.”
Go to xFarm’s web site to search out out extra.
