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Agtech Funding Sheet: IKEA Invests in Terramera, AST (AgFunder Alum), Brightfarms, Farmers Edge, Cool Planet, more

September 22, 2016

Brightfarms, the greenhouse operator, closed a $30.1 million Series C led by growth equity firm Catalyst Investors and joined by existing investors WP Global Partners and NGEN Partners. According to the company, this funding is the largest equity investment to date in the controlled environment local produce industry in the US.

Adaptive Symbiotic Technologies (AST), the microbial seed treatment company, has raised an additional $1.9 million in funding from Australian ag producer Twynam Agricultural Group in August through an option extension on its Series A round. AST initially closed its Series A round of $3.4 million in January 2016 through online investment platform AgFunder. Existing investors also invested $600k in additional capital.

Farmers Edge, the precision agriculture startup, has raised a $4.68 million funding from Sustainable Development Technology Canada with an additional $9.36 million from internal sources and contributions from consortium partners. Farmers Edge will use the funding to develop the next generation of its hardware, software, and agronomic decision support systems, with an explicit focus on developing the environmental sustainability aspects of the system. This latest round takes its total funding to nearly $75 million.

Terramera, a bio-pesticide company, has raised funding from the clean tech fund of Swedish furniture giant IKEA, IKEA GreenTech and Export Development Canada. This is the second close of a larger round which first closed in May on $10 million. The size of hhis second round was not disclosed.

Cool Planet, a soil health and carbon sequestration company, has closed a $9 million funding round co-led by North Bridge Venture Partners and Mexican retail billionaire Agustin Coppel. The current round remains open for other existing and new financial and strategic agricultural investors

Mavrx, a San Francisco-based provider of aerial imagery technologies for the agriculture market, has raised $10 million in Series A funding. Eclipse Ventures, a hardware, software, and data-focused investment firm, led the round, and was joined by early-stage Bloomberg-backed fund Bloomberg Beta and global tech investment firm Visionnaire Ventures.

Lawrencedale Agro Processing, an India-based produce supply chain startup sometimes referred to as LEAF, raised an undisclosed Series B equity capital round with Denmark-based private philanthropic group BESTSELLER Foundation and Indian venture firm Unitus Impact. LEAF will use the new funding to expand its operations throughout South India and to target a larger number of horticulture areas throughout the region.

FoodCheri, a virtual French restaurant, raised a $6.7 million Series A led by 360 Capital Partners and Parisian tech startup investor Breega Capital. Spanish firm Samaipata Ventures also participated in the round along with Ambrosia Investments, a food and beverage growth fund. FoodCheri reports serving roughly 1,000 meals per day around Paris and other suburban areas.

Chef’s Plate, a Canadian company offering fresh ingredient meal kit deliveries, closed a $6 million funding round with global e-commerce investment firm Acton Capital Partners. Existing investors, Connecticut-based private investment company Emil Capital and consumer product and tech investor BrandProject, also participated in the round. The capital will be used to fund recruitment and market expansion across Canada, including a new fulfillment center in Western Canada.

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