xFarm Technologies secures EUR 17 million to make agriculture sustainable
xFarm Technologies, the tech company helping the agri-food sector to go digital, has raised one of the largest Series B funding rounds for a European Farm Management Information Systems (FMIS) company. xFarm Technologies was selected as one of the Venture Leaders Technology in 2022.
xFarm Technologies, the tech company that supports and simplifies the work of 110,000 farms spread over 1.5 million hectares in more than 100 countries around the world through its proprietary platform, secured one of Europe’s largest Series B funding rounds in the agritech sector, raising EUR 17 million. Its Series A funding round raised EUR 3 million in 2019.
The round was led by Zürich-based Swisscom Ventures, with participation from Neva SGR (Intesa Sanpaolo Group), Emerald Technology Ventures, NovaCapital, and Grey Silo Ventures. United Ventures, a lead investor of round A, also reinvests significantly due to the tech company’s noteworthy achievements over the past two years.
xFarm Technologies intends to use the capital raised to develop and improve its platform with new features aimed at enhancing sustainability performance and working with other supply chains, such as livestock management, through technologies such as Artificial Intelligence (AI). Decision support systems (DSS) enable the optimization of agricultural inputs, such as water, fertilizers, and plant protection products; xFarm Technologies will use this new round of funding to develop even more effective solutions and support farmers in adapting to climate change.
The company, headquartered in Switzerland with existing branches in Italy and Spain, aims to expand internationally. It is ready to grow in Europe and expand to new markets, including the Americas. xFarm Technologies works with more than 70 leading players including top agri-food companies and machinery manufacturing groups and intends to bring such projects to the next level through its international expansion.
In order to achieve its milestones, and to help more farms and supply chains make their work more efficient, xFarm Technologies will scale its team from 60 to 80 employees by the end of this year.
“The strength of xFarm Technologies is its highly innovative nature, which allows us to manage the complex needs of farmers, machinery manufacturers, and all the stakeholders in the supply chain through digitalization. Now more than ever it is crucial for farms to simplify processes and make them more efficient to meet growing challenges," said xFarm Technologies CEO Matteo Vanotti. "We are proud to have secured this Series B round and to have Swisscom Ventures and all the other investors by our side. We share a vision to innovate agriculture. xFarm Technologies aims to be a key player in this fast-evolving market to improve the lives of millions of farmers through digitalization, seeking greater efficiency and sustainability."
"Digital platforms combined with the internet of things are fundamentally altering farming. The next wave of adoption is creating the foundation for producing more sustainably while coping with the challenges of climate change," said Alexander Schlaepfer, a partner at Swisscom Ventures and a new member of xFarm Technologies board. "We were captivated by the profound domain expertise of the founding team, impressed by the quality of customers in the food and agri-machinery sectors that have quickly integrated the product into their operations, and are excited to partner with the company. xFarm Technologies - after Ecorobotics - is our second investment in the smart agriculture domain and underlines Swisscom's continued commitment to enable the digital transformation of the farming sector towards sustainable production."
“We’ve decided to invest in xFarm Technologies, a company with an international footprint that combines the aspects of digital transformation with the transition of the agri-food industry towards more sustainable models and in line with ESG principles, elements becoming more and more important for the economy of the future," said Mario Costantini, CEO of Neva SGR.