Agros, a Singapore-headquartered agri-tech startup, has raised US$2.7m in a pre-Series A funding round led by Gaia Impact Fund and Schneider Electric Energy Access Asia. Seed round investor Wavemaker Impact continued to support Agros and invested again. The round also saw participation from Silverstrand Capital, Circle Capital, and PropertyGuru Founder and impact investor, Steve Melhuish.
Founded in Nov 2019, Agros supports sustainable agriculture for small and medium-sized horticulture farmers across Asia. The company is helping horticulture farmers to decarbonise, whilst doubling their profit through a full-stack solution.
Its first two products, Agrosolar and Agrosoil, are solving major agriculture problems like fuel dependency and soil degradation. After switching to Agros’ ecosystem, farmers can double their profits from reduced input costs, improved yields, and higher prices from better-quality crops.
Agros has been enjoying the tailwind from rising fuel and fertiliser prices, which has encouraged farmers to switch to more sustainable and efficient practices. This has resulted in four-times the year-on-year revenue growth in 2022. The company currently works with 1,500 farmers across two Asian countries and has increased farmers’ profits by more than $1,500,000 and abated up to 5,000 tons of CO2e.
“We’re glad to have found investors who share our belief that a prosperous, inclusive, and low-carbon world is possible. The timing couldn’t have been more perfect and as the pioneer, we are well positioned to become the regional market leader,” said Max Nelen, founder and CEO of Agros.
“We’re very honored and excited to support Agros’ journey. We’ve been impressed by Max and his team, dedicated and passionate, in providing decarbonised solutions for farmers. Agros is a market shaper and has a huge potential to grow across the region, we strongly believe they’re in the best position to support millions of farmers to increase their income while making their farm climate resilient,” said Hélène Demaegdt, president of Gaia Impact Fund.
Gilles Vermot Desroches, president of Schneider Electric Energy Access Asia added: “We share with Max and the Agros team the same deep conviction that sustainable agriculture plays a crucial factor in tackling climate change and contributing to a fairer and more inclusive society.
“Agros’ work in providing farmers with solar-powered irrigation systems and raising awareness on sustainable agri-practices not only leads to higher income for farmers, but also makes communities more resilient to variable climate conditions and helps reduce CO2 emissions. We are very proud to be able to support Agros in creating this systemic change.”
Agros will use the funds to scale in its existing markets, open in a third country, strengthen its leadership team and develop an App streamlining the value chain. This will allow Agros to transform the lives of thousands of farmers, while abating millions of tons of carbon emissions.
“We are very impressed with the results that Max and his team are achieving. We believe that entrepreneurs can start high-growth, high-margin businesses that also greatly reduce climate emissions. Max and his team have proven this with their efforts,” said Doug Parker, founding partner of Wavemaker Impact.