AgriWebb raises $7.2m to fuel further innovation in sustainable beef production

Source: Farm Progress. The original article is posted here.

AgriWebb raises $7.2m to fuel further innovation in sustainable beef production

AgriWebb, a world’s leading beef cattle production software provider, has announced the successful close of a $7.2m /£6m/AU$11 million funding round, which was oversubscribed by interested parties by 30%.
According to the company, the round saw robust participation from existing and new investors, reinforcing AgriWebb’s dominance in the livestock management and sustainability data space. Currently, the platform manages over 23 million head of livestock across more than 150 million acres or over 500Bn in Agricultural assets in 18 countries, with a dominant presence in Australia, the UK, the US and Brazil.

Despite challenging macroeconomic conditions that affected the SaaS (Software as a Service) industry in 2022 and 2023, AgriWebb has exhibited strong growth in Annual Recurring Revenue (ARR), client base expansion, and margin improvement. The volatility in global cattle and meat commodity prices further underscored the company's resilience and strategic agility.

AgriWebb said it has become a pivotal player in the agriculture sector's sustainability efforts. As the ‘source of truth' for sustainability data and rancher change management, AgriWebb has delivered the world's first beef sustainability programs with some of the largest global food companies, such as McDonald’s, USDA’s Climate Smart Commodities collaborations, and several other corporations, including a strategic partnership in Brazil with Cargill. These partnerships focus on distributing the AgriWebb platform at scale to drive rancher efficiency and productivity and provide critical data for reducing emissions in the beef supply chain.

The latest funding round attracted increased investments from key existing backers such as Germin8 Ventures, Grosvenor Food & AgTech, and Telus Ventures, as well as new investment from listed Swedish industrial company: Munters Group. A global leader in sustainable air treatment and climate solutions, Munters recently enhanced its commitment to its FoodTech Business, where its strategy is to build an ecosystem of digital solutions to support a more responsible food production value chain.

"Since our initial investment in 2017, AgriWebb has consistently demonstrated its ability to lead and innovate in the AgTech space. This additional investment underscores our confidence in their vision and leadership and reaffirms their alignment with Grosvenor's commitment to sustainability in food and agtech and our broader real estate activities,” said Anthony James, Managing Partner, Grosvenor Food & AgTech

The funds will be used to further enhance AgriWebb’s platform capabilities, particularly in connecting on-farm data with global food brands and retailers. This connection is crucial for meeting the new regulatory demands, such as the EU Sustainability Green Deal and California’s SB253 reporting, together with the Science Based Targets Initiative through the Greenhouse Gas Protocols, and also for helping farmers and ranchers implement and monitor sustainable practices effectively.

"We're thrilled to deepen our investment in AgriWebb, confirming our confidence in their visionary leadership and growth. Their recent major commercial partnerships with some of the world's largest food and retail companies underscore AgriWebb's pivotal role in using digital tools to redefine sustainability in agriculture. This aligns perfectly with our mission to support innovative solutions that drive value for multiple stakeholders and harmonize animal agriculture with sustainability,” said Michael Lavin, Founder and Managing Partner at Germin8 Ventures.

The AgTech sector is attracting substantial interest from impact-focused funds, emphasizing the sector's potential for sustainable investment returns. The APAX Impact fund, Banneker Partners and Tikehau Capital's private equity regenerative agriculture strategy showcases this trend. Similarly, General Atlantic's BeyondNetZero, KKR's Global Impact Fund, and TPG Rise Climate's investment in Inari highlight strategic commitments in technology for improved resource efficiency. Corporate M&A is also increasingly active, as seen with Canadian Telco

TELUS, Merck's MSD, KKRs acquisition of GreenCollar in partnership with the Canadian Pension Fund and even Shell's acquisition of Select Carbon, all seeking to leverage AgTech for sustainable and strategic growth.

"At AgriWebb, we are committed to using technology not just as an efficiency tool but as a means to feed the world more sustainably. The increasing interest from impact investors and corporate stakeholders in AgTech underscores a collective commitment to thriving, sustainable agricultural practices. This is an exciting time for AgriWebb and the broader agricultural community," said Justin Webb, CoFounder & Executive Chairman of AgriWebb

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