xFarm Raises up €3M to Digitalise Farms with its Intuitive App
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xFarm announces raising a Series A investment of €3 million to consolidate its presence on the Italian market and expand into Europe, South America and Africa. The financing round was led by United Ventures SGR SpA, an independent venture capital firm specialising in the software and digital technology sectors, as well as Swiss fund TiVenture SA.
Today's farmers face numerous challenges. On top of the traditional agricultural activity, there are more and more regulations, certifications, and consumers increasingly attentive to the origin of the food they eat. At the heart of all these challenges there is one main thing: the farmer's data.
Venture Leaders South Africa 2019 alumni startup xFarm is a platform created by a farmer with the goal of taking farms into the digital age, by simplifying data collection and analysis, thus reducing paperwork, improving efficiency and sustainability and allowing the traceability of agricultural products. It is based on a free farm management software in the cloud, IoT field sensors, and Premium services, such as financial management, crop and fertilization plans, blockchain traceability, advanced reporting, disease patterns and alerts, irrigation advice, agro-meteorological forecasts.
Massimiliano Magrini, co-founder and managing partner of United Ventures, said: “The decision to invest in xFarm is in line with our strategy of investing in the digital transformation of traditionally analogue sectors and, according to the McKinsey Global Institute’s Industry Digitization Index, agriculture remains the least digitized of all major industrial sectors to date. We believe that Matteo and his team are real game changers, and that they have the right skills and ambition to scale the business internationally and become the reference platform for farmers who want to manage their companies digitally”.
Massimiliano Magrini, co-founder and managing partner of United Ventures, said: “The decision to invest in xFarm is in line with our strategy of investing in the digital transformation of traditionally analogue sectors and, according to the McKinsey Global Institute’s Industry Digitization Index, agriculture remains the least digitized of all major industrial sectors to date. We believe that Matteo and his team are real game changers, and that they have the right skills and ambition to scale the business internationally and become the reference platform for farmers who want to manage their companies digitally”.
