Agribusiness Startup Agrofy Receives $23 Million From SP Ventures

by StartupWorld Staff         

Agri startup Agrofy has received an investment of $23 million in Series B led by San Pablo Ventures with co-investors Fall Line Capital and ACRE Capital. With this fund, they are planning to add a billing platform to the website. Moreover, by adding an extra feature, the startup aims to provide end to end solutions for the customers. Previously, SP Ventures funded Agrofy with $11 million along with  Syngenta Ventures and Bunge Ventures in A-Series.

Founded in 2015 by CEO Maximiliano Landrein and Alejandro Larosa, Agrofy is niche platform for farm machinery, vehicles, farmland, tools, etc. Moreover, it offers equipment insurance and other financial services as well. Currently, it is operated in nine Latin American Countries. Agrofy is located in Rosario, which is a major agricultural hub in Argentina. 

He further adds we make an array of providers accessible to farmers so that they get improved buying alternatives, latest technology, and better prices. Agrofy also features an e-commerce marketing platform for companies that deal in agriculture products. 

Agribusiness Startup Agrofy Receives $23 Million from SP Ventures

This must be noted that a large chunk of Agrofy’s customers does not belong to its native country but from its neighborhood Argentina. The firm has 200 employees and is located in Argentina, Brazil, and Uruguay. 

Agrofy gets about 2 million monthly visits and has listed down more than 50,000 agricultural products for their 1,400 users outspread in nine countries of Latin America. Maximiliano Landrein says that they will market the brand exponentially and expand to new countries. This year, they have already made their presence in Brazil, Uruguay, Bolivia, and Paraguay. 

As per the Food and Agriculture Organization (FAO), Organisation for Economic Co-operation and Development (OECD), food production in Latin American Countries has increased enormously in the last 20 years. In addition, a major part of this growth is because of innovation and public investment in research and development.


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