xFarm Technologies, a European leader in the digitalisation of the agri-food sector, has successfully closed a €36 million Series C funding round, marking a significant milestone in its mission to enhance sustainability and efficiency in farming practices. This funding will enable the company to accelerate its expansion across Europe, Turkey, Latin America, India, and the United States, while also enhancing its services to better support the implementation of regenerative agriculture through advanced artificial intelligence technologies.
Founded to assist farmers in managing their operations more effectively, xFarm Technologies has developed a robust Farm Management Information System (FMIS) that currently supports over 450,000 farms and spans more than 100 supply chains, covering an impressive 7 million hectares globally. The company has recently solidified its position in the sector by integrating two innovative firms: Greenfield Technologies, which specializes in regenerative agriculture, and SpaceSense, known for its expertise in geospatial artificial intelligence. This strategic move not only enhances xFarm’s technological capabilities but also reinforces its leadership in the European agri-tech landscape.
The Series C funding round, led by the global technology investment firm Partech through its Impact Growth Fund, attracted participation from notable investors including Mouro Capital, Swisscom Ventures, and United Ventures, among others. This diverse group of investors reflects a strong confidence in xFarm Technologies and its achievements over the past two years, following a €17 million Series B round in 2022 and an initial €3 million funding round in 2019.
The capital raised will be pivotal for xFarm Technologies as it seeks to consolidate its existing presence in key European markets such as Switzerland, Italy, Spain, France, Germany, Poland, and the UK. The company is also poised to strengthen its foothold in new regions, particularly in Latin America, India, Turkey, and the US, where it has begun to establish strategic partnerships and expand its workforce. By tailoring its services to meet the specific needs of these diverse markets, xFarm aims to provide advanced solutions that facilitate the transition to more sustainable farming practices.
Sustainability is at the core of xFarm’s mission, and the company is committed to helping its partners implement regenerative agriculture practices at scale. This involves leveraging cutting-edge technologies, including geospatial artificial intelligence, to provide farmers with innovative tools for better decision-making and resource management. The collaboration with Mouro Capital is particularly significant, as it will support the creation of a new Fintech and Insurtech division within xFarm Technologies, aimed at enhancing services related to risk management and lending. This move underscores the company’s strategy to integrate financial solutions into its agricultural technology offerings, thereby addressing the financial needs of farmers more comprehensively.
Co-founders Matteo Vanotti and Matteo Cunial expressed their enthusiasm about the funding round, emphasizing the profound changes and challenges facing the global agri-food industry. “At xFarm Technologies, we want to continue to provide the most advanced and effective tools to navigate this landscape,” said Vanotti. He highlighted the company’s commitment to ongoing investment in research and development, as well as its focus on sustainability and regenerative practices.
The investment from Partech and Mouro Capital reflects a growing recognition of the importance of digital solutions in agriculture. Rémi Said and Arnaud Minvielle, General Partners at Partech, noted xFarm Technologies’ potential to become a global leader in farm management software, given its comprehensive technological solutions and deep understanding of farmers’ needs. Manuel Silva Martínez from Mouro Capital echoed this sentiment, acknowledging the alignment of xFarm’s vision with the financial needs of its clients.
As xFarm Technologies embarks on this new chapter, the implications of its growth extend beyond the company itself, promising to influence the broader agricultural landscape by driving digitalisation and sustainability in farming. With the backing of prominent investors and a clear strategic vision, xFarm is well-positioned to lead the charge towards a more sustainable and efficient agri-food sector.