Agritask, the agriculture operations management and optimization platform, today (Feb. 3rd) announced the closure of a $26 million funding round led by the Liechtenstein Group with participation from Bridges Israel impact investment fund, Smart Agro Fund, as well as existing investors The Insuresilience Investment Fund.
The impact of climate change on global food systems, more specifically on the food and beverage industry, is becoming more apparent each year. It has led to yield reduction and volatility patterns in food crops which has a dire impact on the supply chains arena This disruption, coupled with the growing concern for sustainability, by manufacturers and consumers alike, is pushing the industry to adopt solutions that will help them transform towards predictable and sustainable supply chains and production practices.
In particular, the food and beverage industry is spearheading such changes within the agri-food supply chain, by increasing their engagement with and support of farmers to move to sustainable and regenerative agriculture. However, easy, and effective solutions are hard to come by. Technology and data play a key role in creating transparencies across the agri-food ecosystem.
Israeli company Agritask has tasked itself to lead the way for the industry to take on such a daunting undertaking. They have developed a SaaS Agronomic Intelligence (AgI) platform, that focuses primarily on helping the food and beverage, and agriculture insurance industries make better decisions across their value chains, driving transparency and providing actionable agronomic intelligence and insights. Data is captured from multiple sources including a mobile app, remote sensing, weather stations, satellite imagery, sensors, irrigation, and machinery. Machine learning is then utilized, alongside in-house agronomic expertise, which allows Agritask to offer their insights and models for crop growth, yield estimations and risk assessment.
They have worked with clients across the agri-food ecosystem and provided hundreds of thousands of small-scale farms in developing countries with access to technology, farming best practices, and agriculture insurance products, thus improving the livelihood of farmers worldwide. Agritask monitors over 50 different crop types across more than 2 million hectares of land in over 35 countries worldwide.
In the past two years, Agritask has seen significant growth and adoption by world-leading food and beverage companies. Last year, they gained five top-tier food and beverage customers such as Starbucks and Heineken, they partnered with leading ag-insurance companies including SCOR, Zurich and MAPFRE to extend their portfolio of insurance products, and more than tripled their ARR.
In a combined statement, Constantin Liechtenstein and Johannes Meran, Managing Partners of Liechtenstein Group, expressed, “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”
The company will use this new funding to accelerate the development of new innovative products, scale up sales and marketing operations worldwide and attract and onboard key talent to join their international team.
Agritask was founded in 2010 by Israeli entrepreneur Israel Fraier. They have raised a total of $38 million to date.