Agriculture data technology company FarmLogs has raised $10 million in Series B funding after getting commitments from new and existing venture capital and angel investors.
Michigan-based FarmLogs, which has developed a mobile application to help farmers manage their crops, will use the capital “to significantly expand its team and to continue to rapidly execute on its vision for the future of farming”, according to company spokesman Ben Pavlovic.
Existing investors Drive Capital, a Midwest VC firm; Huron River Ventures, a Michigan-based VC firm, and Chicago venture firm Hyde Park Venture Partners participated in the round which closed in December. They were joined by new investors San Francisco angel investment firm SV Angel and Sam Altman, president of start-up incubator Y Combinator.
FarmLogs has raised $15 million in capital to date. Pavlovic declined to discuss future fundraising plans.
“I’m amazed at all the momentum we’ve been able to build and at how much value we can create for farms all over the world,” FarmLogs co-founder and chief executive Jesse Vollmar told Agri Investor.
Vollmar came up with the idea for FarmLogs in 2011. The company was accepted into the Y Combinator program in 2012, a program that provides growth capital and advice for start-ups.
FarmLogs aims to transform the farming industry through its data and software technology by tracking farmers’ activity from inventory to expenses and weather.
And Y Combinator’s Altman has been impressed with the firm’s progress. “Their growth has been phenomenal since they participated in 2012,” said Altman in January 2014. “I think improving agriculture is one of the most important challenges in the world and I’m excited to be involved.”
FarmLogs has now completed four rounds of financing since 2012. The company raised $1 million from Huron and Hyde Park in January 2013 and $4 million in Series A funding from Huron, Hyde Park and Drive Capital a year later.
Private investment into agriculture technology start-ups is picking up pace.
According to data provider i3 Connect, agtech companies raised close to $1 billion from corporate and private equity firms in 2014. Some venture capital heavyweights, including Kleiner Perkins, have also turned their attention towards precision agriculture technology like FarmLogs; the firm invested into Farmers Edge, a data management solutions platform, in November.
Reporting by Demitri Diakantonis