Livestock management software AgriWebb raises $https://www.businessnewsaustralia.com/1https://www.businessnewsaustralia.com/1 million

A Sydney-based agtech that tracks more than 23 million head of cattle for https://www.businessnewsaustralia.com/16,000 users has raised $https://www.businessnewsaustralia.com/1https://www.businessnewsaustralia.com/ million in an oversubscribed financing round consisting of existing and new financiers.

Founded in 20https://www.businessnewsaustralia.com/14 by John Fargher, Kevin Baum and Justin Webb from a garage, AgriWebb allows farmers to track feed quantities, animal locations and worker duties, and also manage the grazing, livestock and inventory. quality.

The platform manages millions of livestock across more than https://www.businessnewsaustralia.com/150 million hectares in https://www.businessnewsaustralia.com/18 countries, with a dominant presence in Australia, the United Kingdom, the United States and Brazil. In Australia alone, AgriWebb – which can also be used by aquaculture and greenhouses – tracks more than a quarter of the country’s sheep and cattle.

The latest capital injection will be used to further enhance AgriWebb’s platform capabilities, with a focus on connecting on-farm data to global food brands and retailers to meet new regulatory requirements such as the EU Sustainability Green Deal and SB253 reporting requirements California.

“At AgriWebb, we strive to use technology not only as a tool for efficiency, but also as a means to feed the world more sustainably,” said Justin Webb, co-founder and executive chairman of AgriWebb.

“The increasing interest in AgTech from impact investors and industry stakeholders underscores a collective commitment to thriving, sustainable agricultural practices. This is an exciting time for AgriWebb and the broader agricultural community.”

The recent funding round attracted investments from existing backers Germin8 Ventures, Grosvenor Food & AgTech and Telus Ventures, which backed the company’s $40 million Series B round in late 2022.AgriWebb also attracted new investments from the listed Swedish industrial company Munters Group.

When asked if the company would look for more capital in the future, Fargher responded Business news Australia the company would focus on organic growth in the coming period.

“We are poised for organic growth for the period ahead, but we are looking at potential acquisition and roll-up strategies in the digital agriculture space, where we can merge data sources to combine, curate and interpret information into actionable insights and verified audit reports . This will provide companies’ sustainability teams with the information they need while financially rewarding those manufacturers who have dutifully kept accurate records of good practice,” said Fargher, who was included in the Australia’s Top https://www.businessnewsaustralia.com/100 Young Entrepreneurs list.

In 2023, AgriWebb inked a deal to provide sustainability data to some of the world’s largest beef suppliers and consumers, such as McDonald’s and global meat processing giant OSI. The company’s software is being used on hundreds of ranches across the US to demonstrate reductions in carbon emissions by 2030.

That same year, AgriWebb entered into a strategic partnership with the American Cargill Animal Nutrition, one of the world’s largest private agricultural companies in Brazil. The South American country is home to the largest commercial cattle herd in the world, which is about ten times the size of Australia. This deal is one of AgriWebb’s most important partnerships to date.

Over the past five months, the number of animals on the platform has grown from 2https://www.businessnewsaustralia.com/1 million to 23 million.

“Since our initial investment in 20https://www.businessnewsaustralia.com/17, AgriWebb has consistently demonstrated its ability to lead and innovate in the AgTech space,” said Anthony James, managing partner of Grosvenor Food & AgTech.

“This additional investment underlines our confidence in their vision and leadership and reaffirms their alignment with Grosvenor’s commitment to sustainability in food and agtech and our broader real estate activities.”

AgriWebb said that despite the challenging macroeconomic conditions that hit the SaaS (Software as a Service) industry in 2022 and 2023, the company has demonstrated strong growth in annual recurring revenue (ARR), customer base expansion and the margin improvement.

The company noted that it has grown relatively consistently at 35 percent year-over-year.

“We are thrilled to deepen our investment in AgriWebb and reaffirm our confidence in their visionary leadership and growth,” said Michael Lavin, founder and managing partner of Germin8 Ventures.

“Their recent major commercial partnerships with some of the world’s largest food and retail companies underscore AgriWebb’s critical role in using digital tools to redefine sustainability in agriculture.

“This fits perfectly with our mission to support innovative solutions that create value for multiple stakeholders and harmonize livestock farming with sustainability.”