It’s been a big year for FarmLogs. Fresh off the heels of a $4 million Series A back in January of this year, FarmLogs has just announced that they’ve closed a $10 million Series B bringing total investment to over $15 million since they graduated from Y-Combinator’s winter 2012 batch. Investors in this round included Y-Combinator Chief Sam Altman, SV Angel, along with previous investors Hyde Park, Huron River, and Drive Capital.
FarmLogs is a farm management tool that uses let’s farmers see their fields, crops, rainfall levels and nearby elevator pricing. FarmLogs helps farmers plan their crop inputs and budget, and gain insight into performance with analytics, and provides forecasting and risk management tools.
“I’m a huge fan of Jesse and FarmLogs, and they have the opportunity to build a very important company,” said Sam Altman, president of Y Combinator. “Their growth has been phenomenal since they participated in YC in 2012, and Jesse has a focused vision combined with relentless execution. I think improving agriculture is one of the most important challenges in the world, and I’m excited to be involved.”
FarmLogs plans to use the proceeds to invest in product development and expand its team.
“We will continue to add great people to our team of engineers, data scientists and designers,” said Jesse Vollmar, CEO and co-founder of FarmLogs. “I’m amazed at all the momentum we’ve been able to build and at how much value we can create for farms all over world. Having additional capital behind us accelerates our ability to bring the best science and technology to every farm through intuitive software.”
AgFunder Co-Investment Fund III is now open for investment. Closing June 15, Spots are limited.
FarmLogs was founded in 2011 by Jesse Vollmar, who grew up on his family farm in Michigan, and his friend Brad Koch. In 2012 they graduated from Y-Combinator and they’ve have been on tear ever since. Back in September Matt Burns at TechCrunch reported that FarmLogs had tripled their marketshare in six months and had customers in 50 states with over $11 billion worth of crops under management. At the time they estimated that 15% of farms in the US ( ~300,000), were using its services.
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