Estonian agtech startup eAgronom closes €6.4M Series A round
10 February, 2022, 15:56
eAgronom, an Estonian farm management software developer, has raised a total of €6.4 million in a Series A funding round to tackle the problem of carbon footprint in farming. The lead investors are Yolo Investments and ZGI Capital, EU-Startups reports.
- eAgronom is one of the biggest agtech companies in the Baltics, founded in 2016. It is now on a mission to transform the voluntary offset market and accelerate the transition to net-zero.
- Yolo Investments, an Estonian VC fund that focuses on seed- and A-stage startups in fintech, media, software development, and crypto, led the investment round. ZGI Capital, a Latvian VC firm, was another lead investor. Apart from them, Trind VC, Iron Wolf Capital, and United Angels VC also participated in the round.
- eAgronom aims to help farmers reduce the administrative load, often a paper-based process. It currently has 1,500 agribusinesses among its clients, covering more than a million hectares of arable land across Europe.
“It’s the type of innovation the world needs to tackle climate change. 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,”Normunds Igolnieks, General Partner at ZGI Capital, says about the funding.
- With the aid of the latest funding, eAgronom aims to pivot the majority of its business to its farming-based carbon credits platform. The company will continue expand to new European markets.
- eAgronom also plans to launch its new solution — Solid World DAO. Powered by blockchain and the Web3 community, it will help farmers finance CO2 sequestration.