eAgronom, an agtech startup that assists farmers in transitioning to more sustainable farming methods through digital tools and technology-based strategies, has announced a $5.5 million funding round. The investment, provided by Icos Capital, Soulmates Ventures, and SmartCap Green Fund, will enable agronomy to scale its carbon credit program and greenhouse gas (GHG) monitoring and data measurement technologies in Europe and Africa. In addition to the funding, eAgronom received a dedicated grant from Enterprise Estonia to support its product development and innovation.
eAgronom’s carbon credit income program for farmers balances sustainability and financial viability, both crucial to modern agricultural businesses. The company first measures and verifies farms’ carbon footprints using GHG monitoring, which enables them to create sustainability plans tailored to individual farms. EAgronom directly subsidizes farmers implementing soil quality improvement, fertilizer and fuel use optimization, and other practices to support this transition. The carbon credits generated from these practices provide a revenue stream for farmers, making increased sustainability beneficial on all fronts. eAgronom supports farmers across Spain, Poland, Romania, East Africa, and seven other markets.
Robin Saluoks, CEO of eAgronom, said, “With this additional funding, we can continue our efforts to facilitate the transformation of farming practices, enabling them to manage their farms more sustainably while simultaneously providing them with additional revenue streams and a chance to improve their soil conditions for the future. These steps are crucial in the global fight against climate change where we need to act sooner rather than later.”
Nityen Lal, Managing Partner of Icos Capital, praised eAgronom as a forward-thinking yet efficient company tackling the most urgent future challenges, emphasizing sophisticated technology, financial viability, and large-scale adoption. Michal Sikyta, Investment Manager of Soulmates Ventures, echoed this sentiment, noting that eAgronom represents the philosophy of purpose-profit-driven startups they seek.
Sille Pettai, Fund Manager and Member of the Board of SmartCap highlighted the growing need for sustainable ideas and technologies in the face of global crises and climate problems. She expressed her excitement to see ambitious Estonian companies like agronomy achieving international success in creating greener, sustainable economies.
The investment of SmartCap Green Fund was funded by the resources of the European Union’s recovery plan – NextGenerationEU.
