“With this money, we can grow faster than if we were to finance this from our own resources,” says Joëlle 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 in particular in Spain, where some farmers are even switching to other crops – for example from tomatoes to cotton. Optimal use of water is a complex puzzle there that even the government is starting to get involved in. Our technology helps farmers to use water intelligently by using data from the field.”
Maintaining a growth spurt
The name Agurotech has increasingly been falling into the agricultural sector in recent years. Where the company started with commercialization at the time of the first investment, Agurotech now has hundreds of customers in more than 20 countries. Joëlle: “We are now 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 sales and service, build up stocks, hire staff, set up staff and build local partnerships. These are major activities that require investment. But maintaining this momentum is important. Thanks to the recent investment boost, we can keep up the momentum.”
Agriculture embraces smart farming
Joëlle is happy to see that farmers worldwide are increasingly embracing data-driven agriculture. “When we first founded Agurotech, some farmers were still reluctant to use smart measurement technology. 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 these kinds of technological solutions, especially the younger generation. The consequences of climate change are a driving factor here. Farmers are seeing 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 the soil – 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. Joëlle: “They specifically focus on promising impact makers. We think that is a great choice strategy. 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, econometricians, hydrologists and agronomists, among others.”
Support and trust
Joëlle finds the overall supportive attitude of ROM InWest as an investor most distinctive and valuable: “They support us, offer help of their own accord and think pragmatically with us – all to empower us as entrepreneurs. ROM looks at the long term because they understand that making an impact takes time. That shows support and trust.”
Financing Tips
“Take your time,” Joëlle 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 well, supported by figures. Find out 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.”
