Estonian agtech startup eAgronom receives €5.5M 

eAgronom, which helps farmers adopt more sustainable farming methods, has received €5.5 million in a new funding round for scaling its carbon program in Europe and Africa. The investment came from Icos Capital, Soulmates Ventures, and SmartCap Green Fund. 

• Established in 2016, eAgronom helps farmers monitor and verify sustainable practices, generate carbon credits, increase agricultural efficiency, and gain access to financing in the future. Through the eAgronom platform, there are over 1.2 million hectares of farmland managed in Europe and Africa.
• Today, the company employs about 70 people worldwide. To date, in 2022 eAgronom closed €6.4 million Series A round.
• Among the investors in this round are: 
  • Icos Capital, a Dutch-based climate tech VC fund, specializing in food systems, circular economy, sustainable industry, and carbon technology.
  • Czech Soulmates Ventures, an accelerator and VC fund focused on purpose-profit driven startups, in the seed stage and beyond, across the CEE region. 
  • SmartCap Green Fund, a fund that is located in Tallinn and targets energy, agriculture, food industry, transport and logistics, material and chemical sectors, and the environment.

“With this additional funding, we can continue our efforts to facilitate the transformation of farming practices, enabling them to manage their farms in a more sustainable manner, while simultaneously providing them with supplementary revenue streams and a chance to improve their soil conditions for the future. These steps are crucial in the global fight against climate change, where we need to act rather sooner than later,” 

Robin Saluoks, CEO of eAgronom commented.

• The startup will use the funding to expand its carbon program in Europe and Africa. In addition to the funding round, eAgronom received a dedicated grant from Enterprise Estonia in support of its product development and innovation.
• Recently, multiple news outlets shared a fake press release about an Estonian startup Carbonomy raising $16 million from French fund Hedonova, according to AIN.Capital. The website of so-called Carbonomy was also completely ripped off of eAgronom, using its name on the Terms and Conditions page.