Croatian agritech start-up Agrivi raises 3.9 million euros to expand to US and European markets.
The Croatian agriculture tech start-up Agrivi has closed a Series A round of financing by attracting 30.2 million kuna (around 3.9 million euros) from South Central Ventures, the European Investment Fund, and the Croatian Bank for Reconstruction and Development. Fil Rouge Capital and AgriTech Hub also participated in the round.
With this sizeable new investment, Agrivi plans to expand its market reach to the United States and key European markets.
Data-driven farm management
Founded in 2013, the company offers a platform for data-driven farm management that lets farmers and enterprises plan, monitor, and analyse farm activities such as tillage, planting, irrigation, harvesting, and much else.
The platform can be used by small-scale farmers as well as larger cooperatives and enterprise level operations. In addition, the company offers a special add-on for winery management that includes wine cellar inventory, and traceability from field to bottle which allows managers to identity issue origins based on a bad bottle series.
Agrivi believes that it has made one of the most complete platforms for agricultural management, one which can help farmers and companies achieve economically and environmentally sustainable agriculture production. The platform has certainly impressed investors.
“I’m convinced that the funds from this round of financing will enable Agrivi to further accelerate its activities in several business areas and thus increase its contribution to the production of healthy food,” says Jure Mikuž, a partner in the South Central Ventures fund.
The latest round of financing comes during a good period for the company, during which it has seen growth in the number of clients, strengthened key managerial positions and gained greater market recognition and momentum. Agrivi’s portfolio of clients now includes such big names as Nestle, Driscoll’s, Kimberly-Clark, and BNP Paribas.
Agrivi was also recommended by the consulting firm Ernst and Young as a quick-return project for those countries who are looking to increase sustainability of their local production and reduce impact on climate change.
“Agrivi has made impressive progress since our first investment back in 2016. They’ve positioned themselves on the map of the world’s leading agro-technological companies as one of the leading platforms for agricultural production management,” Mr Mikuž adds.
According to Matija Žulj, Agrivi’s CEO, the company is prepared for the next phase of its growth.
“We’re grateful to South Central Ventures, the European Investment Fund, the Croatian Bank for Reconstruction and Development, Fil Rouge Capital and AgriTech Hub for supporting our mission to digitise global agriculture. Recent events around the world have attracted additional attention to the food and agricultural sectors, so investor interest in Agrivi is enormous, which is why we’re considering expanding our circle and realising additional funding,” he says.
The latest investment brings the amount the company has so far raised to around 5.6 million euros over four investment rounds.
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