Farm management software company FarmLogs has raised a $22 million Series C round of financing led by a new investor into the firm, Naspers Ventures, with follow-on participation from existing investors Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of Y Combinator.
The funding brings FarmLogs’ total capital raised to $37 million, including a previous $10 million in Series B funding. Mike Katz, head of US investments at Naspers Ventures, will join the board of directors.
FarmLogs, launched in 2012 out of Silicon Valley’s Y Combinator, provides information and recommendations that help growers remotely “improve field performance, increase yield and eliminate waste.” The company’s products — FarmLogs Standard, FarmLogs Advantage and FarmLogs Prescriptions — assist with tracking and mapping of rainfall, GDD accumulation and soil composition, detecting yield threats and automatically logging activities.
“This additional funding will enable us to further grow our team, to accelerate product innovation and to continue investing aggressively in creating a better future for farming,” said Jesse Vollmar, CEO and co-founder of FarmLogs, in a statement.
Naspers Ventures partners with entrepreneurs to build leading technology companies in high-growth markets. Founded in 1915, parent company Naspers is a global internet and entertainment group and one of the largest tech investors in the world, operating in more than 130 countries and markets.