Farmbot raises $4.6 million to sow seeds in US market
Agtech startup Farmbot has closed $4.6 million in a bridge funding round to help support its expansion plans in the US and its subsidiary Ranchbot.
Agtech startup Farmbot has secured $4.6 million in a bridge funding round to help support its expansion plans in the US.
The round, which was initially targeting $3 million, saw participation from existing shareholders Telstra and Macdoch Ventures, alongside numerous new investors – including high-net-worth individuals from the US ranching sector.
This follows a $5 million Series A+ round back in December 2022 and a Series A in 2021.
Farmbot – or Ranchbot in the US – is an IoT and precision agriculture solution platform that allows farmers to monitor their water ecosystems in real-time. This enables them to make decisions around resource allocation, asset utilisation and more.
The company aims to expand its offerings beyond water management to include tools for broader farm infrastructure and natural capital assets like soil, pasture, and biodiversity.
According to co-founder and managing director, Andrew Coppin, the fresh cash injection will help fund the company’s next growth phase.
“Combining this capital with our impressive team in both Australia and the US will be instrumental in accelerating growth in the farming and ranching sectors,” Coppin said.
“Farmbot is striving to maintain a 100% year-on-year growth rate with over 20,000 sensors in the field, demonstrating significant demand for our solutions.”
Farmbot is currently being used on 3,500 farms and stations across Australia.
The company employs a team of 70, including 20 dedicated to R&D and manufacturing at its Sydney-based head office.
The Ranchbot subsidiary has established a team of 12 to drive growth in the substantially larger American market.
Telstra’s group executive of product and technology, Kim Krogh Andersen, emphasised the strategic collaboration with Farmbot through the Muru-D accelerator.
“Our involvement with Farmbot is more than an investment — it’s a strategic collaboration that reflects our dedication to the agricultural sector and regional Australia,” Krogh Andersen said.
“Farmbot’s innovative technology is fostering better communication and data exchange for farmers, as well as enabling more sustainable and productive farming practices.”
Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.
