eAgronom, an Estonian agro-tech leader, has closed a €10 million funding round to drive sustainable farming solutions. This investment accelerates its market presence and supports crucial environmental initiatives.
The funding comprises previous investments converted to equity, strengthening its mission to mitigate farming-related emissions. With the backing of Swedbank and others, eAgronom is poised to expand its innovative programs and partnerships across multiple regions.
Strategic Investment for Expansion
eAgronom, based in Tallinn, has successfully secured €10 million in its Series A2 equity round, which includes €4.2 million from a previous booster round and an additional €5.8 million raised this year. The investment was primarily led by Swedbank AB, alongside Icos Capital, Soulmates Ventures, and SmartCap Green Fund. This injection of funds is aimed at expanding eAgronom’s presence in key markets and advancing its sustainable farming programs.
Utilisation of Funds
With the fresh capital, eAgronom plans to enhance its involvement in various sustainable farming initiatives, particularly focusing on Scope 3 and sustainable financing programs. The startup also intends to raise an additional €2 to €4 million later this year. Swedbank’s collaboration plays a pivotal role, providing products and services to support customers in their environmental transitions across Estonia, Latvia, and Lithuania. eAgronom’s partnership with Swedbank is a vital component in strengthening the ecosystem of partnerships to benefit the agricultural clientele.
Addressing Agricultural Challenges
Food production accounts for approximately 31% of global greenhouse gas emissions, with the majority stemming from farming activities. eAgronom is fervently working towards reducing carbon footprints through carbon insetting and regenerative farming practices. By 2050, food production needs to increase by 60% to sustain a projected population of 9.3 billion, making these initiatives crucial. The company aims to provide financial incentives and education for farmers, thus encouraging sustainable practices.
The Company’s Core Mission
Founded in 2016 by Robin Saluoks and Kristjan Luha, eAgronom is dedicated to fostering smarter and sustainable farming practices. The company offers solutions that help farmers monitor sustainable practices, generate carbon credits, enhance agricultural efficiency, and access better financing terms. Its Carbon Program is instrumental in allowing farmers to earn by creating carbon credits, improving soil quality, reducing input costs, and securing advantageous financing.
eAgronom’s Impact and Partnerships
Currently, eAgronom collaborates with over 3,000 farmers across 14 countries, focusing on enhancing the sustainability of agricultural practices. Partner farms in Europe and Africa have collectively stored 525,000 tonnes of CO2 annually, equivalent to the yearly carbon emissions of 100,000 people. The startup aims to manage 4.1 million hectares by 2025. “The average farmer has only 40 harvests to innovate,” says CEO Robin Saluoks.
The Future Vision of eAgronom
eAgronom’s vision extends to scaling its sustainability programs significantly. By offering financial incentives and educational resources, the company reduces the risks farmers face when shifting to sustainable farming methods. The latest funding round propels eAgronom toward its goals of expanding its sustainable farming model to a larger number of farmers globally, reinforcing its impact on environmental sustainability.
Evaluating eAgronom’s Progress
The recent capital acquisition supports eAgronom’s strategic mission to enhance sustainable agriculture and carbon reduction on a global scale. The startup’s innovative approach, anchored by its Carbon Program, provides real incentives for farmers to adopt regenerative farming methods. As eAgronom continues to meet its ambitious targets, it is well-positioned to influence the future of agricultural sustainability worldwide.
In conclusion, eAgronom’s recent funding success underscores its commitment to sustainable agricultural practices. By investing in expanded programs and partnerships, the startup is poised to lead the way in reducing agricultural emissions and enhancing environmental sustainability. As it scales its operations, eAgronom remains a vital player in the ongoing efforts to combat climate change.
