SP Ventures led a US$23m Series B in Agrofy, an Argentine marketplace for agricultural supplies, with participation from Fall Line Capital and ACRE Capital, and follow-on from Cygnus Capital. Agrofy raised a US$6m Series A in 2018 from SP Ventures, Syngenta Ventures, Bunge Ventures, and Endeavor Catalyst, with participation from farming conglomerate Cresud. NXTP Labs invested previously.
(Press Release) Agrofy, an Argentinian online marketplace for Latin America’s agribusiness market, announced today that it has closed an impressive Series B round totaling $23M, the largest amount for this stage round in Latin America to date. In just 4 years, Agrofy has been able to define itself as the leader in the region and today, it’s the main eCommerce platform to match buyers and sellers of farm machinery, vehicles, farmland, tools, equipment, insurance, and other financial services, totaling 17 different categories and with a presence in 9 countries.
The funding round was led by SP Ventures of Brazil, with Fall Line Capital and Acre Venture Partners of California, both with a long track record in the agtech space, also joining. both with a solid track record in agriculture and agtech investments. Brasil Agro, a leading Brazilian agricultural company, also joined the round. All investors were excited not only by the early success of Agrofy, but also by the recent massive increases of both Latin American agriculture and online marketplaces. The new funding and investor join previous shareholders that include Bunge Ventures, Syngenta Ventures, Cresud and Lartirigoyen. With a diverse team of key investors, Agrofy will be able to further its development in the agribusiness space, one of the most profitable and fastest-growing in the region..
“Agrofy is proud and excited to have such experienced and renowned investors as part of our team. We’re confident that their support will play an increasingly important role in the development of not only our company, but in the entire agribusiness space, one of the most profitable in the region,” said Alejandro Larosa, President of Agrofy.
Eric O’Brien, Managing Director of Fall Line Capital, added, “We’re thrilled to partner with Agrofy in our first investment outside the United States. The quality of its team growth rate of its marketplace is not only unique, but world-class. And we truly believe Agrofy will not only continue to lead the Agtech marketplace in Latin America, but will also become a major player in similar markets globally, including the US and Europe.”
“Looking at the unconstrained potential of e-commerce in agriculture and Latin America’s growing importance to the global food system, we view Agrofy’s experienced team and network of partners as the best positioned to enable traditional ag markets with technology. With their entry into Brazil, Agrofy will continue to create opportunities for growers and suppliers to connect in powerful ways. We are excited to make our first investment outside of the US with this impressive team, as we know many of agriculture’s greatest challenges and opportunities are in Latin America” said Alex Bondar, Partner at Acre Venture Partners.
“We have been monitoring closely the ag marketplace activity in LATAM, working with traditional brick & mortar distributors to start-ups & proprietary industry online channels. In this segment, Agrofy was the first company to get a working product market fit and is now scaling it throughout the region. The team is doing a great job in execution and proving their business model works across geographies”, said Francisco Jardim of SP Ventures.
“The investments will allow Agrofy to consolidate it´s presence in the 9 countries where the site is already online. It also bets on continuing to improve the online shopping experience of farmers, simplifying the logistics and payment processes” said Maximiliano Landrein, CEO of Agrofy.
Agrofy, which has its own technology developed in house, has a unique business model that integrates the entire chain of distributors in the industry. Its knowledge of the rural sector and its strong growth in Brazil consolidates Agrofy as the leading agtech company in Latin America.
Agrofy is the leading agribusiness online market in Latin America, focused on increasing the productivity and profitability of agribusinesses, through the incentive of online transactions. The site is online in 9 countries, with 17 categories of products and services, making more than 150,000 products available to producers through a friendly and secure platform. Its founding investor is CRESUD, a leading Argentine-Argentinean company. Among the company’s current shareholders are Bunge Ventures, Syngenta Ventures, Cresud, Lartirigoyen, SP Ventures, Fall Line Capital, Acre Capital and Brasil Agro. Contact: [email protected] | Find us on: Facebook @AgrofyARG / Twitter: @AgrofyARG / Linkedin: Agrofy