Amsterdam-based agtech startup Source.ag has raised an additional $4 million in a Series A extension funding round aimed at furthering the company’s goal of providing AI-driven products that enable greenhouse growers to produce climate-resilient foods. Since March 2022 the startup has raised $37 million.
The additional funding of $4 million was split between SK networks, via its US investment corporation Hico Capital, and existing investor, the esteemed E14 Fund which only invests in startups with key contributors from MIT.
Participants in the initial $23 million Series A round include lead investor Astanor Ventures, Acre Venture Partners, and several of the Netherlands’ leading greenhouse operators.
Source.ag's first product, dubbed Source Track, launched last year with a further two product launches, Source Cultivate and Source Control, set for later this year.
Initially, Source.ag has focused on select vegetable crops, including peppers and tomatoes, but is now aiming to add more variants and farming methods.
According to Source.ag using the greenhouse method of farming would be a sustainable alternative for food supply chains given 46% of the surface area of Earth's habitat is used as arable farm grounds with roughly 70% of freshwater withdrawals go to producing food, while greenhouses expend 5% of the same water supplies.
On the investment, a representative of SK networks commented, "Source.ag has solidified its position as a prominent player in the Netherlands, a pioneering country in smart farming. As a startup with a scalable SaaS model, it holds immense potential for successful expansion into the global market.”