Agritask raises $26M Series B funding, led by Liechtenstein Group
TEL AVIV, Israel, Feb. 3, 2022 /PRNewswire/ -- Agritask has secured a US$26M funding round led by Liechtenstein Group and joined by Bridges Israel impact investment fund and Smart Agro Fund, as well as existing investors including The Insuresilience Investment Fund. The company will use the funding to accelerate development of innovative products, scale up sales and marketing operations worldwide, and attract and onboard key talent to join its international team.
Founded in 2010 by serial entrepreneur Israel Fraier, Agritask's SaaS Agronomic Intelligence (AgI) platform drives transparency, insights, and better decision making across the agri-food value chain, focusing primarily on the Food & Beverage and Agricultural Insurance industries.
The impact of climate change on global food systems, and specifically on the Food & Beverage industry, is becoming ever more apparent. Yield reduction and volatility patterns in food crops are compromising and at times breaking supply chains. This, combined with growing concern for farm communities and the environment by both manufacturers and consumers, is pushing the industry to adopt solutions that will help the transformation toward predictable and sustainable supply chains and production practices.
Over the past two years, Agritask has seen significant growth and adoption by world-leading Food & Beverage companies. Brands such as Starbucks and Heineken use Agritask to minimize risk and better predict supply chains, optimize farming operations, and ensure sustainable farming and sourcing practices.
Agritask has also partnered with leading ag-insurance companies including SCOR, Zurich, and MAPFRE to extend their portfolios of insurance products. With Agritask, clients within the agri-food ecosystem have been able to provide hundreds of thousands of small-scale farms in developing countries access to technology, farming best practices, and agriculture insurance products that improve their livelihoods.
"We were very impressed with the traction that Agritask has already achieved globally, as well as their people, vision, and strategy," said Constantin Liechtenstein and Johannes Meran, Managing Partners of Liechtenstein Group, "We are actively looking for sustainable and innovative business models to invest in, and we see that Agritask can play a key role in securing the future of food production and impacting the lives of millions of farmers."
Agritask's platform provides the Food & Beverage industry with actionable agronomic intelligence. Agritask monitors over 50 different crop types across more than 2 million hectares of land across 35+ countries worldwide. Data captured from multiple sources including a mobile app, remote sensing, weather stations, satellite imagery, sensors, irrigation, machinery, and integrations with more than 70 agronomic systems and enterprise software feeds into Agritask's global agronomic data hub, massive in variety and scale. Through machine learning combined with in-house agronomic expertise, Agritask offers insights and models for crop growth, yield estimations, and risk assessment enabling its customers to transform agri-food supply chains and promote sustainable farming and sourcing practices.
"Liechtenstein Group has been investing in sustainable, innovative businesses for generations, and it's wonderful to see our vision and approach validated by them, along with new and returning co-investors," said Ofir Ardon, CEO of Agritask. "We are seeing the Food & Beverage industry spearheading a radical change in the agri-food 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 agri-food 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."
Agritask is headquartered in Tel Aviv and employs 70 people worldwide with offices in Brazil and Bulgaria.
About Agritask
Agritask is an open SaaS Agronomic Intelligence (AgI) Platform, powering solutions for the Food & Beverage industry and the wider agri-food ecosystem. Our solutions are successfully deployed in over 35 countries, providing crucial agronomic insights to optimize operations across the food value chain and ensure sustainable farming and sourcing practices. https://start.agritask.com/
For inquiries, please contact us at [email protected]
About Liechtenstein Group
Liechtenstein Group is an international group of companies owned by the Princely House of Liechtenstein, operating in the areas of food & agriculture, forestry, renewable energies, and real estate. The Group pursues a long-term investment strategy with an international orientation, focused on its four core sectors.
Further information may be found at https://www.lgroup.com/en/startseite.html.
Media Contact
Amir Rubin, VP Marketing, Agritask
Tel: +972 54 338 8012
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