Reaffirming our commitment to xFarm Technologies’ growth
October 9th, 2024
From the start, we were impressed by the vision of Matteo Vanotti, a farmer turned founder. His firsthand experience gave him a deep understanding of the challenges he aimed to solve when he established xFarm Technologies with Salvatore Ferullo and Martino Poretti. As their initial institutional investor in 2019, we supported their early growth.
Since then, xFarm Technologies has experienced significant milestones, including the 2021 merger with Farm Technologies and the addition of Matteo Cunial and his team, a €17 million Series B funding round in 2022, and the recent integrations of Greenfield Technologies (Spain) and SpaceSense (France) to solidify their European leadership in digital farming. What a journey! And today, we celebrate another significant achievement: a €36 million Series C funding round.
This investment highlights xFarm Technologies’ progress in supporting over 450,000 farms across more than 100 supply chains, spanning 7 million hectares globally. Their Farm Management Information System (FMIS), the xFarm digital platform, has become a resource for farmers worldwide, providing data-driven insights and advanced technologies.
Led by Partech’s Impact Growth Fund, with participation from Mouro Capital, and the existing investors Swisscom Ventures and United Ventures, this funding round validates the company’s ongoing success and commitment to sustainable agriculture. The investment will propel xFarm Technologies’ expansion across Europe, Latin America, India, Turkey, and the US, strengthening its position as a global leader in agricultural digitization.
Beyond expanding its reach, this funding will allow xFarm Technologies to enhance its services, focusing on developing and implementing regenerative agriculture practices. By utilizing technologies like geospatial artificial intelligence and data analysis, xFarm Technologies provides farmers with the tools to optimize operations and prioritize environmental sustainability.
Establishing a new Fintech and Insurtech division marks another critical step. This division will concentrate on risk management and lending, offering farmers essential financial resources and support.
At United Ventures, we invest in companies with strong growth potential and a positive global impact. xFarm Technologies exemplifies this approach. Their dedication to supporting farmers, promoting sustainable practices, and fostering innovation within the agri-food sector aligns with our investment philosophy. We are excited to continue our partnership and anticipate their continued success in shaping the future of agriculture.
Congratulations to Matteo Vanotti, Matteo Cunial, and the entire team on this achievement!
