The Spark event, hosted by the Grand River Agricultural Society in Elora, Ont., recently brought together a vibrant community of ag tech innovators, each vying for a $5,000 cheque to propel their ventures forward. As a journalist covering the event, I had the opportunity to engage with many of these company founders, each with a unique story of perseverance and growth.
The journey of an ag tech startup is often a long and arduous one, filled with challenges and triumphs. For some founders, the path leads to a point where they are no longer at the helm of the companies they birthed. This transition can be driven by various factors, including personal life changes, the realization that the company requires different skills to thrive, or even investor decisions. While this can be a tough pill to swallow for founders who have poured their hearts and souls into their ventures, it can also be a necessary step for the company’s survival and growth.
However, in most cases, the founders remain in charge, steering their companies towards success. The Spark event showcased several such success stories. Vetson, a virtual veterinary care company founded in 2022, has made significant strides, connecting with 600 farmers and nine veterinary clinics. It has also partnered with a large veterinary product distribution company to facilitate medication delivery to farmers using their app.
Farm Health Guardian, another standout, has its tracking system installed on 2,400 trucks in the pork sector across Canada and the United States. The company has merged with a complementary American firm and is now working on facial recognition technology for barns. Cattlelytics, the winner of last year’s Spark event, has almost 250,000 cattle on its platform, helping farmers integrate disparate data and manage cattle and employees more effectively.
These companies are not just surviving; they are thriving and being used regularly on farms or by farm service providers. The founders behind these ventures bring a wealth of experience to the table. Many have run other businesses or worked in diverse industries, pouring the sum of their expertise into their current ventures. This experience is crucial, but so is the ability to build a funding ecosystem to support the company’s growth.
Canada has made significant progress in this regard over the past five years. Private investors like RHA Ventures and Ag Capital Canada are providing funds and expertise, while institutional investors such as Farm Credit Canada and Conexus credit union with its Cultivator fund have also joined the fray. While the wild money that once flowed into ag tech has dried up, committed investors continue to find a way forward, supporting several growing companies in Canada.
The implications of this are profound. The ag tech sector in Canada is maturing, with a growing number of companies scaling up and making a real impact on farms. The ecosystem supporting these companies is also evolving, with a mix of private and institutional investors providing the necessary capital and expertise. This bodes well for the future of ag tech in Canada, promising a new era of innovation and growth in the agricultural sector.
