Canadian Agtech Company Croptimistic Technology Raises $5.2M in Series A Funding Led by Forage Capital Partners


NAICAM, Saskatchewan - (BUSINESS WIRE) - Croptimistic Technology Inc. (Croptimistic) announces a $ 3.5 million Series A investment from Forage Capital Partners (Forage) to provide additional $ 1.7 million funding from founders and institutional debt to complete. This new capital will help accelerate the growth of Croptimistic's SWAT MAPS technology. The SWAT technology ecosystem provides farmers and partners with high resolution soil foundation maps to perform fertilizers, seeds, soil improvement, herbicides and precision water management with variable dosage. Since the first year of operation in 2018, Croptimistic has grown to 18 employees in Canada, the USA and South Africa. It has nearly 100 partners in 4 countries and sales of $ 2 million in 2020.

Cory Willness, CEO and Co-Founder of Crooptimistic, says, “We are excited to take the next step in our journey with the Forage team. Jim Taylor and Steven Leakos have made progress thanks to their extensive expertise in agtech. We'd like to acknowledge our incredible team from 3 countries who worked tirelessly to get us here and our COO, Rob Harris, who was instrumental in putting this funding into practice. ”CTO and Co-Founder Derek Massey added,“ The collected Funding will be used to add developers and professional staff to our Kelowna, BC hub to expand the software and hardware solutions to meet the high growth demands of the millions of acres in our system. "

Forage's Steven Leakos said, “We are proud to partner with the team at Croptimistic, a global leader in variable rate agricultural applications. Croptimistic's SWAT cards, software, world-class hardware and current IP portfolio together with their strong agronomic background provide farmers with an excellent return on investment and significantly reduce the overall environmental footprint of their farm. "

Croptimistic also welcomes new investor Greg Stewart, who has been named Chairman of the Board of Directors. Stewart is currently a director at Bank of Canada and has been the past president and CEO of Farm Credit Canada (FCC), a leading agricultural lender and self-sustaining Crown Corporation. Stewart says, “I am honored and excited to have the opportunity to be an investor and be named CEO of Croptimistic Technology. Their proprietary technology solves real-world problems in the agricultural field, leads the way for effective variable rate application, and reduces and monitors the industry's environmental impact. The future of global agriculture looks bright, and this is a crucial piece of the puzzle to enable sustainable and cost-effective agriculture. "

About Croptimistic Technology Inc .: Croptimistic is an international agtech company founded by Cory Willness, Shannon Willness and Derek Massey. It has built an extensive network of partners with SWAT MAPS, a turnkey, variable rate process that prioritizes soil, water and topography factors (SWAT) of fields for the creation of management zones. Their technology includes SWAT Records (software and apps), SWAT BOX (autonomous soil mapping system), SWAT CAM (machine learning spray cameras) and SWAT WATER (soil moisture maps). The value proposition for their technology is strong, with annual retention rates of over 95% on SWAT-mapped acres along with documented environmental and climate change improvements. Key APIs include Climate Fieldview ™ and John Deere ™. To learn more about Croptimistic and the SWAT ecosystem, visit swatmaps.com.

About Forage Capital Partners: Forage is Canada's most experienced team of Ag & Food investors, having managed over $ 500 million in exposures to the industry for the past 18 years. Forage Capital Ag & Food Business Solutions Fund works to offer its portfolio companies the stability and flexibility they need to expand and adapt their business models in these challenging times. The Fund will invest in creative business owners looking to capitalize on new and innovative opportunities that will arise as the Canadian economy recovers and thrives. For more information on Forage Capital Partners, please visit www.foragecapitalpartners.com.

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https://dailytechnonewsllc.com/canadian-agtech-company-croptimistic-technology-raises-5-2m-in-series-a-funding-led-by-forage-capital-partners/

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