eAgronom, an Estonian agriculture-focused climate technology company that helps farmers adopt sustainable agricultural practices, has secured €10 million in a Series A2 equity investment round.
Founded in 2016, eAgronom works with more than 3,000 farmers in 14 countries.
Soil health is at the heart of eAgronom’s work and the foundation of its carbon offsetting and carbon insetting programs, which subsidize farms that work to repair and restore soil, the second largest natural carbon sink on the planet.
eAgronom works directly with independent farmers and large agricultural conglomerates to provide field-based crop monitoring, automated reporting, crop and yield planning, farm activity schedules and more, modernizing hundreds of thousands of hectares of farmland across Europe and Africa.
These partner farms store 525,000 tonnes of CO2 annually, roughly equivalent to the annual carbon emissions of 100,000 people, and the company is on track to reach its 4.1 million hectare target by 2025.
Robin Sarroux, co-founder and CEO of eAgronom, said:
“An average farmer can only experiment with 40 crops in his lifetime, which has led to a highly conservative agriculture sector.
If something is working more or less well, it makes sense to continue doing it. eAgronom’s sustainability programs (food value chain/scope 3, offsets, sustainable finance, etc.) help reduce risks for farmers by providing additional incentives and education. Our ongoing funding round will help us scale these efforts to more farmers.”
The round includes €4.2 million raised in a booster round last year that has now been converted into equity, as well as an additional €5.8 million raised this year.
Swedbank AB is leading the round with an investment of €4 million together with Icos Capital, Soulmates Ventures and SmartCap Green Fund.
John Lidefeldt, head of Baltic banking at Swedbank, said:
“For Swedbank, it is important to support our customers in the transition through our products and services.
“Our partnership with eAgronom further enhances our impressive comprehensive solutions for agricultural customers in Estonia, Latvia and Lithuania. With this investment, we will further our efforts with eAgronom and strengthen our ecosystem of partnerships for the benefit of our customers.”
The funds raised will enable eAgronom to increase its presence in key markets and expand the company across a range of sustainable agriculture programs, particularly Scope 3 and sustainable financing. eAgronom plans to raise a further €2-4 million later this year as part of its ongoing fundraising efforts.
Main image: eAgronom. Photo: Uncredited.
