eAgronom, the Estonian agriculture-focused climate tech company helping farmers adopt sustainable practices has secured €10 million in its Series A2 equity round.
Founded in 2016, eAgronom works with over 3,000+ farmers in 14 countries.
Soil health is at the heart of eAgronom’s work and the bedrock of its carbon offsetting and insetting programs, which subsidises farms working to restore and regenerate soil, the second-largest natural carbon sink on Earth.
Working directly with independent farmers and major agricultural conglomerates to implement crop monitoring from fields, automated reporting, crop and yield plans, farm activity schedules, and more, eAgronom has modernised hundreds of thousands of hectares across Europe and Africa.
These partner farms have stored 525,000 tCO2 p.a., which is roughly equivalent to the annual carbon emissions of 100,000 people. The company is on track to reach its 4.1 million hectare target by 2025.
Robin Saluoks, co-founder and CEO of eAgronom, said:
“The average farmer has only 40 harvests to experiment with throughout their entire career. This makes the farming sector extremely conservative.
If something is more or less working then it makes sense to continue with it. eAgronom’s sustainability programs - food value chain/scope 3, offsetting, sustainable finance, and others - help to reduce the risk for farmers by providing extra incentives and education. The ongoing funding round will help us to scale these initiatives to many more farmers.”
The round includes €4.2 million raised during a booster round last year, now converted into equity, plus an additional €5.8 million raised this year.
Swedbank AB is leading the round with a €4 million investment alongside Icos Capital, Soulmates Ventures, and SmartCap Green Fund.
Jon Lidefelt, Head of Baltic Banking at Swedbank, said:
“Enabling our customers in their transition with products and services is key for Swedbank.
The partnership with eAgronom adds to a fantastic overall solution for our agricultural customers in Estonia, Latvia and Lithuania. With this investment, we advance our commitment in eAgronom to strengthen the ecosystem of partnerships for the benefit of our customers.”
Funds raised will expand eAgronom’s presence in key markets and scale the company in various sustainable farming programs, especially Scope 3 and sustainable financing. As part of its ongoing fundraising efforts, eAgronom plans to raise an additional €2 to 4 million later this year.
Lead image: eAgronom. Photo: uncredited.
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