Estonian eAgronom closes a €10M Series A2 to expand its sustainable agriculture program 

eAgronom, a Tallinn-based agriculture-focused climate tech company, has announced the closure of €10 million in its Series A2 equity round led by Swedbank. The capital will expand eAgronom’s presence in key markets and scale the company in various sustainable farming programs. The company shared the news with AIN via the press release.

About eAgronom

  • Founded in 2016, eAgronom helps farmers monitor and verify sustainable practices, generate carbon credits, increase agricultural efficiency, and gain access to financing in the future. Now, eAgronom works with over 3,000+ farmers in 14 countries. The startup also claims that working directly with its platform, partner farms across Europe and Africa have already stored 525,000 tCO2 p.a., which is roughly equivalent to the annual carbon emissions of 100,000 people.
  • The company is on track to reach its 4.1 million hectare target by 2025.

The average farmer has only 40 harvests to experiment with throughout their entire career. This makes the farming sector extremely conservative. If something is more or less working then it makes sense to continue with it. eAgronom’s sustainability programs – food value chain/scope 3, offsetting, sustainable finance, and others – help to reduce the risk for farmers by providing extra incentives and education,

Robin Saluoks, co-founder and CEO of eAgronom, said.

Investment details

To date, in 2022 eAgronom raised €6.4 million for its Series A round and further €5.5 million in 2023. Prior funding rounds have enabled eAgronom to initiate field trials and seminars with partner farmers, and determine best practices for each region with specific climate and soil conditions.

  • The current round consists of €4.2 million raised during a booster round last year, now converted into equity and an additional €5.8 million raised this year. Swedbank AB is leading the round with a €4 million investment.
  • In addition to the new lead investor, existing investors, Icos Capital, Soulmates Ventures, and SmartCap Green Fund, have also increased their investments to support the startup.

eAgronom will use the current investment to expand its presence in key markets and scale the company in several sustainable farming programs, especially Scope 3 and sustainable financing. In addition, the startup aims to raise an additional €2-4 million later this year.