xFarm Technologies, a tech company focused on the digitalisation of the agri-food sector, providing innovative tools that can support farmers and stakeholders in the management of their businesses, has announced the closing of a €36 million Series C funding round.
The capital raised in this Series C round will enable it to consolidate its leadership in Europe and accelerate its expansion throughout the rest of the continent, as well as in LATAM, India, Turkey, and the US, where it has already started to strengthen its presence through new hiring and strategic partnerships. xFarm Technologies also intends to improve its performance, develop its services further, and tailor them to the needs of specific markets and customers.
The new round, which follows the €17 million Series B round in 2022 and the first €3 million round in 2019, was led by global technology investment firm Partech, through its Impact Growth Fund, which aims to scale European impact-native technology leaders seeking to solve environmental and social challenges. The round also saw the participation of Mouro Capital, a London-based venture capital firm targeting growth-stage fintech investment opportunities across Europe, North America, and Latin America. Swisscom Ventures, United Ventures, and all previous institutional investors also participated in the round, demonstrating their confidence in xFarm Technologies based on its significant achievements over the past two years.
2024 marks a year of major growth for xFarm Technologies, the tech company that supports the work of more than 450,000 farms across more than 100 supply chains, covering 7 million hectares worldwide, through its Farm Management Information System (FMIS), the xFarm digital platform. After integrating Greenfield Technologies, a Spanish company focused on Regenerative Agriculture, and SpaceSense, a French brand specialised in Geospatial Artificial Intelligence, in April, an operation that cemented its position as a European leader in the digitalisation of the agri-food sector, xFarm announced the round.
Based in Manno, Switzerland, the company is already well established in Europe, in particular in Switzerland, Italy, Spain, France, Germany, Poland and the UK.
Sustainability remains a priority for the tech company, which aims to support its partners and customers in implementing Regenerative Agriculture practices at scale, providing them with even more advanced solutions and technologies, using increasingly innovative tools, such as Geospatial Artificial Intelligence.
The participation of Mouro Capital in this investment round will be important for the creation of the new Fintech and Insurtech division of xFarm Technologies, which is determined to further develop its services in the fields of risk management and lending. This will enable xFarm Technologies to offer even more support on the insurance and financial management side.
“This is a time of profound change and major challenges for the global agri-food industry. At xFarm Technologies, we want to continue to provide the most advanced and effective tools to navigate this landscape, with further investment in R&D and innovation, cutting-edge technologies in climate intelligence and AI for agronomic support, and a focus on sustainability and Regenerative Agriculture,” said Matteo Vanotti, CEO of xFarm Technologies. “We are excited to announce this funding round and are proud to have world-class partners like Partech, Mouro Capital and all the other investors who have placed their trust in us. With their support, we will continue to innovate, driving digitalisation from a supply chain perspective and helping farmers to manage their farms even more effectively and sustainably.”
“We are truly delighted to partner with one of the leading AgTech companies in the world,” commented Rémi Said and Arnaud Minvielle, General Partners at Partech. “We believe that xFarm Technologies, with its best-in-class technological horizontal solution, its innovative route to market, its deep understanding of the farmers’ needs and its global footprint, has all the elements to become the global leader in farm management software and a critical player in the agricultural value chain transition. We are very proud and honoured to embark on this journey with xFarm Technologies and its very talented team.”
“As traditional fintech investors, we feel that xFarm Technologies’ vision to digitalise the agricultural sector concurs with their product being a great entry point to serve their clients’ financial needs,” added Manuel Silva Martínez, General Partner at Mouro Capital. “We are excited to support Matteo and the team in expanding their vision into our core area of expertise.”
Read the orginal article: https://www.eu-startups.com/2024/10/swiss-agtech-xfarm-technologies-raises-e36-million-series-c-to-keep-digitising-the-agri-food-sector/
