Agriculture & foodtech

France-Based Agriconomie Raises $60.4M As Agtech Sector Grows

Illustration of greens in a wallet.

The Amazon of agriculture is here.

Agriconomie, a France-based agtech e-commerce company, announced on Tuesday it raised 60 million euros ($60.4 million) in funding led by Treïs Group, Aliment Capital and Temasek Holdings.

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The platform is designed to be a one-stop shop for European farmers who need to order agricultural supplies such as  fertilizers, animal feed, seeds and equipment. 

But it also shares data on how much supplies are forecasted to cost at a given time, helping farmers budget months or even a year in advance and allowing them to price shop, negotiate and get quotes on buying in bulk. This is key, especially with unpredictable changes in weather and climate that has made farming far more expensive and risky than years prior. 

The 8-year-old company is currently pumping money into climate-resistant farming by adding more products that are organic or support sustainable farming practices. It will also provide consultants for farmers pursuing regenerative farming. The company plans on measuring the carbon footprint of farms as well. 

Agriconomie is currently in France, Spain, Belgium, Italy and Germany. 

The agtech boom

Agriculture may be one of the oldest practices in human civilization, but its relevance today cannot be ignored. Due to climate change, food is getting harder to grow, scale and serve in a global economy. 

While most industries have taken a nosedive in the tumultuous private markets, agriculture technology has only seen a steady climb since 2015, per Crunchbase data. So far in 2022, companies have raised more than $7 billion in funding.

We’ve covered some of these raises before. Soli Organic, raised $125 million in October to efficiently grow food in weather-resistant chambers close to urban centers, making it easy to harvest and deliver food in populated areas. Another, New York-based Gotham Greens, raised $310 million in September for its vertical farming offering.

But while vertical farming is a buzzy topic in the tech world, it has only made up around 14% of total funding in agriculture. The majority of agtech funding is going toward startups grappling with logistical challenges and climate-related issues that plague the farming industry.

Illustration: Dom Guzman

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