Key AgTech Deals July 2024
After going through a boom in 2022, the AgTech space has suffered somewhat of a contraction as of late. However, the sector seems to be stabilizing, as declines are progressively offset by renewed interest in the space, particularly driven by the current excitement surrounding AI. As more AgTech ventures become AI-focused/adjacent, the space as a whole may be able to successfully re-align itself with broader VC trends. Here’s a detailed look at the standout deals from this month.
Leaf Agriculture – $11M Series A Funding
Los Angeles’ Leaf Agriculture has successfully raised $11.3 million in Series A funding. The round was led by Spero Ventures, with additional investors not disclosed at the time of this writing. Leaf Agriculture has been striving to develop a simplified API that can be used by members of the farming industry in conjunction with their agricultural data.
Led by CEO G Bailey Stockdale, Leaf is looking to use the proceeds from the round to expand growth, both in the size of the team and the breadth of their product range. This latest round of funding closed on July 31st, 2024.
InnerPlant – $30M Series B Funding
InnerPlant, a California-based AgTech innovator, has successfully raised $30 million in Series B funding. Investors in this round included Bison Ventures and Systemiq Capital. InnerPlant develops genetically-engineered crops that communicate their needs directly to farmers through specific biomarkers, enhancing the speed with which farmers can address crop issues.
CEO Shely Aronov leads the company, with the new funding going toward widening the range of crops that InnerPlant seeks to address. The round was completed on July 25th.
Monarch Tractor – $133M Series C Funding
Monarch Tractor, a California-based venture, has secured $133 million in Series C funding. Belgium-based Astanor Ventures, an AgTech-focused VC firm, led the round. Co-leading with Astanor was HH-CTBC Partnership, an affiliate of Foxconn.
The company has developed an innovative all-electric tractor model, with AI-based self-driving ability. The tractor is notable for its growing sales, which Monarch is hoping to expand with the use of this latest injection of funds. The round closed on July 22nd.
eAgronom – $6.2M Series A Funding
eAgronom, an emerging AgTech startup, closed out its Series A round on July 2nd, securing $6.2 million in funding. Swedbank was the lead investor in the round, with contributions from SmartCap and iCOS Capital Management. eAgronom is hoping to be a leading carbon credit provider for the agricultural industry in Europe.
The company is looking to use its newfound capital to expand the number of farmers on-boarded onto their service, as well as streamline some of the platform features. With a growing number of European countries enacting carbon credit legislation, the headwinds look to be blowing in the right direction for eAgronom.
Genica – $12M Series B Funding
Brazilian AgTech venture Genica has raised $12 million in Series B funding. The investment will be used to enhance their user experience, improve data integration, and expand their customer outreach into different geographies. The funding round was led by Agrex.
Headquartered at the Technological Park of Piracicaba, the company focuses on research and development of new tools for production management. It carries out scientific works in partnership with research institutions.The round closed on July 1st, 2024, bringing total funding for Genica to $13.8M.
For more insights into the AgTech landscape and to explore how these advancements can benefit your organization, book a consult with Quantum Growth Advisors today. Our data-driven fundraising and deal flow automation services are designed to help you navigate the evolving tech landscape and seize emerging opportunities.
