Agrow Analytics Secures €650,000 to Lead Water Footprint Compensation and Smart Irrigation
The Malaga-based startup Agrow Analytics has started 2024 by raising €650,000 in a seed round led by GoHub Ventures, Demium Capital and First Drop, which will allow the company to consolidate its precision technology focused on optimizing water use and reducing water footprint in agriculture.
Agrow Analytics has developed a system that unifies all data related to irrigation and processes it together to automate accurate recommendations of where, when and how much to irrigate in advance. Thanks to these recommendations, the efficiency and real-time monitoring of producers’ water footprint is improved, allowing third-party corporations to compensate for their water footprint through these savings generated from the use of artificial intelligence, satellite images and IoT devices.
The round, which will help in the company’s international expansion, reaffirms its commitment to sustainable agriculture, in a sector that is in full swing due to the needs of climate change and ESG regulations at the international level.
First Water Footprint Compensation Contract in Europe
Since its creation in 2021, the startup led by Antonella Maggioni has experienced exponential growth, achieving significant milestones such as the EIT Food Water Scarcity award and the first water footprint compensation contract in Europe, which will allow large corporations to compensate their footprint through Agrow Analytics.
In addition, the company has been recognized as one of the most innovative companies at the technological level, including the granting at the end of 2023 of a NEOTEC grant.
The company has been consolidating its position as a leader in the Climate Tech sector and as a pioneer in the generation of water credits and compensation, guiding companies towards a Water Positive footprint and the restoration of river basins.
€650,000 Seed Round to Boost Growth
The €650,000 seed round of investment in which the venture capital funds GoHub Ventures and First Drop, and the manager Demium Capital, have participated, will allow the startup to boost its growth.
For its co-founder and CEO, Antonella Maggioni, the round “marks a milestone in our international expansion and in the continuous innovation in precision agriculture“, and she thanks “the support of GoHub Ventures, Demium Capital and First Drop in this exciting new stage“.
The round comes at a key moment, as the number of companies required to submit sustainability reports under the EU Directive has increased fivefold, including the amount of water used in their operations, production processes or supply chains, and, associated with this, include details on efforts to control and reduce water consumption.
In a context where currently 70% of the available freshwater is used in agriculture and it is estimated that global water demand will increase by 30% by 2030, holistic solutions are needed for companies to achieve their Water Security and Replenishment strategies and that, in parallel, producers can transition to a more efficient and technological agriculture.
For Inés Calabuig, Managing Partner of GoHub Ventures, the investment in Agrow Analytics means “the reaffirmation of the trust in the team that passed through the former GoHub Ventures acceleration program a year ago and that has become a strategic and innovative partner in terms of water footprint and sustainability“.
“We are excited to continue supporting Agrow Analytics in its mission to lead the sustainable transformation of the agricultural sector and in the creation of a company that will be a benchmark in Europe and Latin America in this sector“, adds Jorge Dobón, founder of Demium Capital.