Agricultural and climate technology company eAgronom has announced the raising of 5.5 million US dollars in funding to continue supporting farms in their transition to more sustainable agricultural practices. With successes achieved in developing its carbon programme, as well as its climate monitoring and data measurement technologies, the company is continuing on its current development path to solidify its position as a leading global agricultural technology company.
Thanks to the successful development and achievements of eAgronom’s carbon programme (a carbon credit project) in Central and Eastern Europe (including Latvia), as well as its GHG (greenhouse gas) monitoring and data measurement technologies, it has managed to secure 5.5 million US dollars in funding for the company’s future development. With the support of investment funds Icos Capital and Soulmates Ventures, as well as the SmartCap “Green Fund”*, eAgronom plans to improve its digital tools and continue expanding its operations in Europe and Africa. In addition to the funding round, the company also received a special grant from Enterprise Estonia.
Company CEO Robin Saluoks points out that these investments will allow the company to reach its set goals faster: “Our company’s mission is to be the leading agricultural technology company in the world that ensures better financial returns for sustainable farmers, while also reducing the carbon footprint in the atmosphere. We are very grateful for the belief in our strengths. This funding will reinforce our efforts to provide farmers with assistance in the smooth transition from conventional farming practices to more sustainable farming methods,” says R. Saluoks.
The eAgronom carbon credit programme ensures the sustainability and financial viability of farms, both of which are currently very important components in the agricultural sector. Thanks to participation in the carbon programme, farmers are given the opportunity to generate carbon credits, which provides an additional revenue stream, making sustainability more financially advantageous.
Diāna Līva, an eAgronom agronomist in Latvia, emphasises that the financial gain is only part of the benefits: “Soil quality and organic matter content levels in the soil also play a very large role. Its main goal is to restore the soil’s natural processes, which improves fertility in the long term. These measures are not only important in the global fight against climate change, but they also improve food quality, from which we all benefit,” says D. Līva.
Regarding the choice to invest in the company’s development, Soulmates Ventures Investment Manager Michal Sikyta says: “eAgronom offers a sophisticated, data-driven solution that combines three business streams into one platform, giving farmers the opportunity to utilise sustainable farming practices. We are pleased to support them on their journey toward solving critically important challenges and becoming a world leader in the agrotechnology market,” notes M. Sikyta.
“eAgronom is exactly the kind of company we have always been looking for. This is a forward-thinking, yet at the same time very practical company that is already solving the most significant future challenges by placing an emphasis on the development of complex technologies and the goal to work at a large scale. The carbon programme is operating in several European countries and in Africa, so we are pleased that with our support, it will be able to expand,” says Nityen Lal, managing partner of Icos Capital, on why they chose to invest in the company.
SmartCap board member Sille Pettai believes that the global crises of recent years and the growing climate problems demonstrate ever more that sustainable ideas and technologies must be developed with even more determination and speed than before: “Investors, consumers, and society as a whole are interested in technologies and solutions that help solve current global problems. Our goal is to pass the continuation of the Estonian technology company success story into the field of green technologies as well, in order to see ambitious companies like eAgronom achieve international success while building a greener and more sustainable economy,” says S. Pettai, hoping for the company’s global success.
*Investments from the SmartCap “Green Fund” are financed by the European Union’s NextGenerationEU recovery plan funds.
About eAgronom
The agricultural and climate technology company eAgronom provides financial benefits for sustainable farmers and also offers farm management software with which it provides farmers the opportunity to monitor and verify sustainable practices, obtain carbon credits, and increase agricultural efficiency. eAgronom has been operating in Latvia since 2017, and currently, it manages more than 160 thousand hectares of agricultural land in Latvia and 1.2 million hectares of agricultural land throughout Europe.
About Icos Capital
Icos Capital is a Netherlands-based climate technology venture capital fund that is based on its impact on large-scale CO₂ emission reduction. The collaborative fund brings together start-ups and enterprises to accelerate sustainability by working with such leading European companies as Bühler Group, Nouryon and Royal Cosun. Icos supports high-potential solutions that promote rapid industrial decarbonisation and a smooth transition to a circular economy, specialising in the fields of food systems, circular economy, sustainable industry, and carbon technology. Since 2006, the Icos portfolio has grown and become a leader in its respective markets.
About Soulmates Ventures
Soulmates Ventures is an accelerator and venture capital fund that focuses on purposeful, profit-making start-ups throughout the CEE region. Together with brand development studio Made by Soulmates and the non-profit incubator Green Innovation Academy, the fund builds an ecosystem for a sustainable future. Soulmates Ventures looks for innovative start-ups and offers them strategic partnerships, individual acceleration programmes, and investment capital of up to 1 million euros. The fund’s mission is to support founders and their solutions from a proven MVP stage to a growing and scalable company with global coverage.
About SmartCap Green Fund
SmartCap invests capital in the development of innovative Estonian companies with international growth potential, thereby promoting the development of the Estonian economy and local capital market. SmartCap manages two ordinary closed-ended alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund. By 2026, using SmartCap Green Fund resources and direct investments, 100 million euros will be offered to improve financing opportunities for Estonian green technology companies. SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds.