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International Internet Magazine. Baltic States news & analytics Sunday, 29.01.2023, 22:06

Estonian eAgronom raises EUR 500,000 from customer investors

BC, Tallinn, 24.05.2018.Print version
Estonian farm management software startup eAgronom has raised 500,000 euros from farmers, who have now become the company's investors, informs LETA/BNS.

The company through a crowdfunding project created the opportunity for its customers to invest in a software platform meant for farmers. Altogether 500,000 euros was raised from 50 users, eAgronom said. "They invested directly into us and received a holding in our company," Stenver Jerkku, founder and COO of eAgronom, told BNS.

Jerkku said that the initiative to invest in the platform came from the farmers. "So we decided to give it a try. The first five farmers we were talking to were interested in investing right away, as were many others we reached out to. It shows that for Estonian farmers, eAgronom is something that in fact helps to solve their problems and challenges," he said.

The founder and CEO of eAgronom, Robin Saluoks, adds that "the feedback was awesome - they believe in our future product plans, our bigger vision, our team and that we are a company to whom they can trust their data."

Jerkku said that eAgronom has by now raised a total of 850,000 euros with various rounds. "There will definitely be new rounds," he said.

Founded in 2016, eAgronom is now operating in five European countries as well as Canada, and according to Jerkku, is planning to expand to new countries in the near future. "The aim is that in a year, our software will be used on 2 million hectares," Jerkku said. This should make up approximately 4 percent of the agricultural area in Europe.

The company offers agricultural management software that helps to more effectively plan agricultural activity and reduce red tape.

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