“With this money, we can grow faster than if we had to do it purely from our own resources,” says Joelle about the second major investment that was recently completed. “Partly due to pressure from climate change, the demand and potential for our solutions are growing rapidly. Water scarcity in particular is a major problem for global agriculture. Perhaps most of all in Southern Europe and especially in Spain, where more and more farmers are even switching to other crops – for example from tomatoes to cotton. Optimally distributing water use over a year is a complex puzzle there that even the government is starting to get involved in. Our technology helps farmers to use water smartly and economically.”
Maintaining a growth spurt
The name Agurotech has been heard more and more in the agricultural sector in recent years. Where the company had two or three customers at the time of the first investment, it now has eighteen. Joelle: “We are also expanding more and more internationally, especially to Southern Europe, the Middle East, the US and Canada. For all these new markets, we have to set up offices, build up stocks, hire staff, set up our services and build local partnerships. Gigantic operations that also cost a lot of money. But maintaining this momentum is important. Thanks to the recent investment boost, we can keep up the pace.”
Agriculture embraces smart farming
Joelle is happy to see that farmers worldwide are increasingly embracing smart farming. “When we first founded Agurotech, most people were still hesitant about smart measuring technology like ours. Crop cultivation was mainly based on rules of thumb and habits. We are now seeing a turnaround and many farmers are showing themselves to be receptive to technological solutions, especially the younger generation. The consequences of climate change are a driving factor in this. Farmers see that extreme and erratic weather is the new norm. For optimal crop cultivation, you can hardly do without data-driven, real-time insight into the weather and things like the water availability of a field - in combination with algorithms that calculate exactly how much water a crop needs.”
Valuable knowledge network
Agurotech is not only happy with the investment itself from ROM InWest. Joelle: “They focus very specifically on promising impact makers. We think that is a great selection strategy and it makes it quite an honor that they also selected us. Through their network we have access to valuable local parties in the west of the country, from local governments such as the municipality of Amsterdam to knowledge institutions and universities. Access to scientific knowledge is important to us because all our technology comes from that. All our solutions are multidisciplinary products from software developers, engineers, hydrologists and plant scientists, among others.”
Support and trust
Joelle finds the overall supportive attitude of ROM InWest as an investor most distinctive and valuable. “They always support us, offer help of their own accord and think pragmatically with us – everything to empower us as entrepreneurs. Their patience with investments is also very pleasant. Of course, they look critically at our plans, market research and forecasts, but with a long-term view because they understand that making an impact takes time. That shows support and trust.”
Financing Tips
“Take your time,” Joelle mentions as the first tip for entrepreneurs who are also looking for financing. “Your idea alone is not enough; investors want you to already have a few customers and to be able to explain your growth plans in detail, supported by figures. The latter is often a major process. Carefully consider which contacts can give you a warm introduction to investors. With such a recommendation, you have two advantages over parties that approach you for financing without a reference. And finally: think big with your plans. Because without ambition, you will get nowhere as an entrepreneur.”
