Round A of xFarm closed: how we’re going to help farmers in digitalization
Round A led by United Ventures is one of the most relevant rounds ever in the European agtech industry and will support the xFarm team in developing solutions for the 4.0 agro-industrial supply chain.
One of the most important AgTech rounds in Europe
United Ventures SGR SpA, independent venture capital firm specialising in the software and digital technology sectors, announces Series A investment of €3 million in the agtech startup xFarm. The Swiss fund TiVenture SA is also taking part in the funding round. The decision to invest in xFarm is in line with the 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.
The statement by Matteo Vanotti, the founder of xFarm
“I am very proud to have expanded the xFarm team with United Ventures and TiVenture. The xFarm project was born to help farmers be more efficient through the use of technology and with this investment we aim to enrich our digital platform with new features and expand the number of farmers beyond those who have already chosen to use our service. Digital transformation in agriculture is a topic of great interest and growth, both in small and large companies. This topic also affects the industries of the agro-food chain, which we help with analytical and traceability tools. I would like to take this opportunity to thank our external partners, my business partners and all xFarm employees for the incredible work they have done so far”
Digital in agriculture
According to data from the Smart AgriFood Observatory, carried out jointly by the Politecnico di Milano and the University of Brescia, the global value of agriculture 4.0 in 2018 reached 7 billion dollars (twice as much as the previous year), of which 30% generated in Europe. Growth is even faster in Italy, where the market has reached a value of between 370 and 430 million euros (+270% in just one year), equal to about 5% of the global market and 18% of the European market, generated by more than 110 suppliers, including established players and startups, offering innovative digital systems and technology consulting services.
New features, new markets and an even more reliable service
The investment will allow xFarm to consolidate its presence on the Italian market and expand into international markets with particular attention to Europe, South America and Africa; as well as to strengthen the technology platform (especially in the area of artificial intelligence applied to data and forecasting models, also using blockchain technology) and release new modules to customers that can simplify and enhance the management of agricultural fields.
What changes for our users in practice
With this investment we will be able to increase the size of our team, allocate more strength in the research and development of advanced services and devices, always keeping free the basic features, all to perfect what until now has been just a taste of our idea of digitization in agriculture.
The launch of the new website has already unveiled some of the upcoming news, which will be combined with a general improvement of the user experience.
A step of a long journey we’ ll follow together
We believe that digital can make a real difference in simplifying the complex management of farms, improving competitiveness, preserving traditions and increasing sustainability. This is a turning point for our company: from today we will have the strength to put in place the projects and improvements at the base of xFarm, a path that we will continue to travel alongside you, always keeping in mind the needs of modern agriculture, the same that led us to start.