Naspers backed FarmLogs raises USD22 million

Naspers backed FarmLogs raises USD22 million

Naspers has announced that FarmLogs, a data science company that helps farmers unlock valuable insights from their fields has raised a $22 million Series C round of financing.

In an email statement, Naspers said the round was led by new FarmLogs investor, Naspers, through Naspers Ventures, and includes follow-on participation from existing investors Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of Y Combinator. The funding brings FarmLogs’ total capital raised to $37 million. Naspers’ Mike Katz will join the board of directors.

Commenting on the news, Jesse Vollmar, CEO and co-founder of FarmLogs hinted that “We now have even more resources to support our important mission. This additional funding will enable us to further grow our team, to accelerate product innovation and to continue investing aggressively in creating a better future for farming”.

He added that “We’re gaining an incredible partner with Naspers Ventures and we’re thrilled to have the support of world-class investors as we keep the momentum building and continue to tackle huge challenges in agriculture.”

According to Naspers’ disclosure, FarmLogs launched in 2012 out of Silicon Valley’s Y Combinator to transform the oldest and most important industry in the world. In less than five years, the company has gone from a promising startup to the leading independent provider of technology solutions trusted by over one in three U.S. row crop farms.

The company leverage cutting-edge software, data science and machine-learning technology, FarmLogs offers independent and unbiased information and recommendations that help growers effortlessly and remotely improve field performance, increase yield and eliminate waste. The company currently has over 20 percent of the country’s row crop acres under management.

Speaking on behalf of Naspers Ventures, Mike Katz, head of U.S. investments at Naspers Ventures said “Naspers invests in industries around the world where innovation can significantly address big societal needs. FarmLogs is forging a new future for farming that will change the world for the better,”

He concluded that “The FarmLogs team has relentless ambition and we look forward to actively supporting their vision to fundamentally improve global agriculture.”