Estonian developer of software for farmers eAgronom raised $5,5M

Estonian developer of software for farmers eAgronom raised $5,5M. Among the investors were Estonian SmartCap Green Fund, a Dutch-based climate tech VC fund Icos Capital, and Czech accelerator and VC fund Soulmates Ventures.

eAgronom was launched in Tallinn in 2016 by Robin Saluoks and Kristjan Luha. eAgronom helps farmers collect all the information on costs, fertilizers used, temperature, weather, planting, etc. Based on the results of the surveys, the service prepares state reports and helps make calculations and decisions about which fields to plant and what to plant. The company develops a fully automated satellite-based platform for carbon credit measurement and verification. It would allow farmers to manage their carbon footprint and earn, trade, and exchange carbon credits. Thus they can improve the sustainability of their farms and earn extra revenue from the carbon credits. 

The startup will use the funding to expand its carbon program in Europe and Africa. In addition to the venture investment, eAgronom received a grant from Enterprise Estonia to further develop its product.

SmartCap was established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. SmartCap manages two common closed-end alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund.

A €100M SmartCap Green Fund supports innovative early-stage Estonian green technology companies – through dedicated venture capital funds and direct investments to companies until 2026. It aims to invest up to €20M from SmartCap Green Fund as direct investments until the end of 2024. SmartCap Green Fund gets financing from the European Union Next Generation EU Recovery and Resilience Facility funds.

Icos Capital specializes in food systems, circular economy, sustainable industry, and carbon technology.

Soulmates Ventures focuses on purpose-profit-driven startups, in the seed stage and beyond, across the CEE region.