Ukrainian agritech FarmFleet raises $550k with a $3.7M valuation
Ukrainian startup FarmFleet, operating in the agritech sector, has raised the first round of investments. AIN.Capital tells the details.
- FarmFleet is a startup developing robotics aimed at the agricultural sector. Valerii Yakovenko, one of the founders of the startup, calls this direction Robotics As a Service. The idea is that the customer chooses online the service they need for processing the field, and the FarmFleet team performs it with the involvement of robots.
- The first product was drones responsible for plant protection. In the future, according to Yakovenko, the product line will expand and, in addition to drones, ground robotics working the fields will also be added.
- In the first investment round, the startup raised $550,000 at a valuation of $3.7 million. Investors were not disclosed.
- The startup will use the fresh funds to scale up the business and enter the US market. According to Yakovenko, this is the first international market for FarmFleet, after which they will continue to enter other foreign markets.
“Ukraine is a driver of development in the field of robotics in the agricultural sector and the largest market using agro-innovations in Europe, even in times of war. In 2022, the activity of agricultural drones in Ukraine exceeded the activity in all European countries combined. It was an extremely difficult year for all Ukrainians, but we see that Ukraine has the potential to become a leader in the development and spread of modern trends in the use of robotics in the agricultural industry,”Valerii Yakovenko, Drone.ua and FarmFleet.
- FarmFleet was launched by Valerii Yakovenko and Fevzi Ametov, who are also partners in Drone.UA.