— Press Release —
TARTU, Estonia (8 February, 2022) – eAgronom, a startup that provides farm management software (FMS) and AI-backed consulting services for farmers, has announced it raised $8 million in funding. The $7.4M Series A equity round was led by Yolo Investments and ZGI Capital, with participation from Trind VC, Iron Wolf Capital and United Angels VC. eAgronom is also the recipient of a $600k EU grant.
While agriculture is one of the major sources of global emissions today, it also represents a considerable opportunity for removing CO2 from the atmosphere. Soils constitute the largest carbon sink outside oceans, with scientists estimating soils can sequester over a billion additional tonnes of carbon a year. Large-scale adoption of sustainable farming practices is required. However, financial constraints and complex regulations remain key barriers for many farmers to make a move. At the same time, carbon offsetting has come under increased scrutiny due to a lack of transparency and measurability.
eAgronom already helps over 1,500 agri businesses that cover over a million hectares of arable land across Europe to achieve higher yields and income with technology and consultancy services. With the aid of the latest funding, eAgronom aims to pivot the majority of its business to its farming-based carbon credits platform, while continuing to expand to new markets (including outside of the EU), improve its carbon tracking technologies, and launch the new Solid World DAO. The idea behind it is to provide liquidity and transparency for high-quality carbon projects. Powered by blockchain and the Web3 community, it will help farmers and other carbon projects finance CO2 sequestration.
Robin Saluoks, co-founder and CEO of eAgronom, said: “Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity. We leveraged our 1 million hectare farmer portfolio to get started but can’t stop there. To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies. We believe there is an outcome that can provide a win to farmers, consumers, the environment, and businesses looking to enhance their green credentials while incorporating the most rigorous standards to measure and certify carbon sequestration. We aim to become the leading developer of high-quality carbon credits.”
Tim Heath, General Partner at Yolo Investments, said: “Many companies want to be in Web3, but eAgronom and Solid World DAO have actual applications. Voluntary carbon markets lack transparency and liquidity, and blockchain is the best technology for providing both. We are excited to use our experience in crypto to support the company.”
The startup was founded in 2016 to help farmers reduce the administrative load, often a paper-based process. Their solution developed into one of the largest farm management software solutions in Europe. eAgronom had previously raised $12 million in backing from investors. Over the next 12 months, eAgronom will focus on optimizing farmer onboarding, setting up global dealerships, and pre-financing the carbon transition.
Normunds Igolnieks, General Partner at ZGI Capital, said: “It’s the type of innovation the world needs to tackle climate change: one that marries financial success with helping the planet. Monitoring software and farmer networks give the company a head start and strategic advantage. Combined with the global movement toward net zero, eAgronom is an exciting business to be a part of.”