France-based Weenat, an agricultural technology company, announced on Tuesday that it has secured €8.5M in a Series C funding round from the European Circular Bioeconomy Fund (ECBF), along with other investors, including Pymwymic, LIBERSET, and IDIA Capital Investissement.
The French company will use the funds to expand its operations across Europe and strengthen the resilience of the agricultural community to climate change through its technology.
Climate change is causing water scarcity, making water management a challenge. Agriculture uses 70% of fresh water, and over half is wasted due to inadequate tools.
And here’s where Weenat aims to assist farmers in facing the challenges of water scarcity.
Weenat: What you need to know
Founded in 2014 by Jérôme Le Roy, Weenat provides the agricultural community with the agro-meteorological data it needs to monitor the climatic and agronomic conditions in real-time, from sowing to harvesting.
In 2021, the company acquired Weather Measures, a data-driven Agtech startup, to enhance its R&D capabilities.
Understanding the dynamics of soil is a significant challenge for irrigators.
To address this issue, Weenat has launched an ambitious R&D programme that aims to monitor soil water content in real-time across the root zone depth of every plot in Europe.
This program, launched in 2023, utilises data from Weenat’s extensive network of soil sensors, which is the largest of its kind in Europe, along with satellite imaging and artificial intelligence.
Consequently, it will help farmers and ag industries to anticipate climatic hazards and optimise their farm management.
Currently, the company has 60 employees and more than 200 partners and agricultural distributors, including cooperatives, retailers, research institutes, and agribusinesses.
They cater to over 25,000 users and have installed 25,000 sensors. The company is expanding its services in eight European countries: France, Spain, Germany, Italy, Belgium, the Netherlands, Luxembourg, and Switzerland.
The investor
The European Circular Bioeconomy Fund (ECBF) is a private venture capital fund dedicated exclusively to the bioeconomy and circular economy.
Launched by the European Commission, it invests in visionary European entrepreneurs driving the transition from a fossil-based to a bio-based economy.
Founded in 2020 and with a total of €300 million under management, ECBF is focused on deploying capital in attractive and impactful companies based in the EU-27 or 16 HORIZON 2020 associated countries.
“With climate change and water scarcity pressing upon us, Weenat stands out in the rapidly growing precision irrigation market for its track record of profitable growth. A first-rate founding team and a high level of scientific excellence have earned them the trust of farmers and a leading position in France. We are really confident in Weenats ability to make its mark on the wider market and excited about its potential for exceptional impact,” concludes Stéphane Roussel, Partner at European Circular Bioeconomy Fund (ECBF).
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