eAgronom, a Tallinn-headquartered agriculture-focused climate tech startup, has secured €10 million in its Series A2 equity round. It comprises €4.2 million raised during a booster round last year, now converted into equity, plus an additional €5.8 million raised this year. Swedbank AB (which invested in Salv and Meniga) led the round with a €4 million investment alongside Icos Capital, Soulmates Ventures (which invested in FlowPay), and SmartCap Green Fund (which invested in Bisly and Vok Bikes).
How will it use the investment?
The fresh funding will help eAgronom expand its presence in key markets and scale the company in various sustainable farming programs, especially Scope 3 and sustainable financing. Furthermore, the company plans to raise an additional €2 to €4 million later this year.
Jon Lidefelt, Head of Baltic Banking at Swedbank, said: “Enabling our customers in their transition with products and services is key for Swedbank. The partnership with eAgronom adds to a fantastic overall solution for our agricultural customers in Estonia, Latvia, and Lithuania. With this investment, we advance our commitment to eAgronom to strengthen the ecosystem of partnerships for the benefit of our customers.”
What issue does the company fix?
Promoting agriculture practice change is a crucial sustainability measure and integral to the company’s mission. Food production is responsible for about 31% of total greenhouse gas emissions, with 70% of these emissions originating at the farm level. By 2050 we will need to produce 60% more food to feed a growing population of 9.3 billion. This makes farmers indispensable to reduction efforts.
By leveraging carbon insetting and regenerative farming practices, eAgronom aims to significantly reduce carbon footprints while providing real financial incentives and education for farmers.
What does the company do?
Founded in 2016 by Robin Saluoks and Kristjan Luha in Tallinn, eAgronom provides solutions that encourage farmers to operate smarter and sustainably, with numerous other benefits. It helps farmers monitor and verify sustainable practices, generate carbon credits, increase agricultural efficiency, and gain better access to financing in the future.
The company’s Carbon Program allows farmers to get paid for creating Carbon Credits, improve the quality of their soil, reduce the cost of inputs, and get access to better financing terms, making carbon-neutral farming profitable. It also helps food companies to implement value chain projects and measure their impact.
Currently, the startup works with over 3,000 farmers in 14 countries. Working directly with the company, partner farms across Europe and Africa have already stored 525,000 tCO2 p.a., which is roughly equivalent to the annual carbon emissions of 100,000 people. The company is on track to reach its 4.1 million hectare target by 2025.
Robin Saluoks, co-founder and CEO of eAgronom, said: “The average farmer has only 40 harvests to experiment with throughout their entire career. This makes the farming sector extremely conservative. If something is more or less working then it makes sense to continue with it. eAgronom’s sustainability programs – food value chain/scope 3, offsetting, sustainable finance, and others – help reduce farmers’ risk by providing extra incentives and education. The ongoing funding round will help us to scale these initiatives to many more farmers.”
What do we think about eAgronom?
The recent funding round strengthens the company’s mission to promote sustainable farming and carbon reduction. The Estonian startup effectively addresses critical agricultural challenges by expanding its presence and scaling sustainable programs.
Its innovative Carbon Program offers financial incentives and education, encouraging farmers to adopt regenerative practices. With proven success in several countries and ambitious growth targets, eAgronom is poised to impact global agricultural sustainability.
