Lithuanian lending marketplace for farmers HeavyFinance raises $1M
The Vilnius-based startup that creates a fintech marketplace connecting farmers to investors called HeavyFinance has raised $1 million. The seed round was led by Poland’s Black Pearls VC with participation from bValue, Startup Wise Guys, as well as business angels, Tech.eu reports.
- Founded in 2020 by Laimonas Noreika, Andrius Liukaitis, Darius Verseckas, and Rytis Darginavičius from Lithuania, HeavyFinance is a marketplace that connects a global investor community with European farmers.
“HeavyFinance is well placed to step in and solve an enormous pain point for farmers. The company’s robust platform, deep sector and market knowledge, and exceptional customer service form a strong basis for building a trusted household name in the farming community,” Wojciech Drewczynski from Black Pearl VC comments.
- The platform has already lent more than $14 million to the agricultural sector. Sixty-five percent of this capital has been provided to Bulgarian, Latvian, Lithuanian, and Portuguese farmers engaged in sustainability-focused projects.
- The fresh $1 million investment will be used to provide farmers with short-to-medium term loans ranging between €6,000 – €300,000. They will be able to use funds for buying farming equipment, lands.
- HeavyFinance is focusing on helping farms become more sustainable. Farms that use less-polluting equipment, soil carbon sequestration, or no-till farming receive more favorable loan conditions.
- Leading investor Black Pearls VC is an early-stage venture capital firm focused on supporting the leading tech companies from Northern and Central Europe. It invests from pre-seed to Series A with a typical ticket size ranging from €100,000 to €1 million.
- The fresh funds will also help HeavyFinance to expand its team in order to scale in existing markets.