Agritask secures funding round to scale high-impact agricultural intelligence platform
Tel-Aviv based agricultural intelligence startup Agritask has secured a US$26M series B funding round, with EIT Food as an investor.
Agritask, an open SaaS Agronomic Intelligence (AgI) platform, has secured a US$26M funding round led by Liechtenstein Group, with support from EIT Food through the COVID-19 Bridge Fund.
The COVID-19 Bridge Fund was announced by EIT Food in August 2020 to help high-impact agrifood startups adapt to COVID-19, to continue critical innovation to transform our food systems, and to bridge the gap towards their next investment round. As part of the EIT’s Crisis Response Initiative, this activity directly contributes to the European Union’s response to the COVID-19 pandemic.
As part of the fund, EIT Food invested €500,000 in Agritask to ensure the company could continue helping farmers and agribusiness throughout the pandemic to consolidate data and make better decisions for more efficient and sustainable farming.
Having now secured a total of US$26M in its series B funding round, Agritask will use the funding to accelerate innovation and the development of its products, scale up global sales and marketing operations, and onboard new talent to join its team. With brands such as Starbucks and Heineken already using Agritask to minimise supply chain risk and optimise sustainable farming operations, the funding round will support Agritask to scale further and increase its impact across global food systems.
"We are seeing the food and beverage industry spearheading a radical change in the agrifood supply chain, increasing their engagement with and support of farmers to move to sustainable and regenerative agriculture. Technology and data play a key role in creating transparencies across the agrifood ecosystem, and Agritask is in a unique position to lead the way. We are looking forward to growing our team and scaling up our work with the world's leading brands,” said Ofir Ardon, CEO of Agritask.
“Startups have faced an increased level of uncertainty and market volatility during COVID-19 and our bridge funding will ensure that they can continue to thrive. At EIT Food, we believe that innovation holds the key to fixing our food system so that it is healthier and more sustainable for all. This fund played an integral part in our efforts to build a high-impact entrepreneurial network that can support our recovery from this crisis,” added Benoit Buntinx, Director of EIT Food Business Creation.
Go here to find out more about Agritask.
"We are seeing the food and beverage industry spearheading a radical change in the agrifood supply chain, increasing their engagement with and support of farmers to move to sustainable and regenerative agriculture. Technology and data play a key role in creating transparencies across the agrifood ecosystem, and Agritask is in a unique position to lead the way. We are looking forward to growing our team and scaling up our work with the world's leading brands,” said Ofir Ardon, CEO of Agritask.
“Startups have faced an increased level of uncertainty and market volatility during COVID-19 and our bridge funding will ensure that they can continue to thrive. At EIT Food, we believe that innovation holds the key to fixing our food system so that it is healthier and more sustainable for all. This fund played an integral part in our efforts to build a high-impact entrepreneurial network that can support our recovery from this crisis,” added Benoit Buntinx, Director of EIT Food Business Creation.