Estonian AgriTech startup eAgronom has raised €5M in a new funding round, attracting investments from Icos Capital, Soulmates Ventures, and SmartCap Green Fund. In addition, eAgronom received a dedicated grant from Enterprise Estonia in support of its product development and innovation.
Unlocking new, clean revenue streams
With a strong focus on addressing climate change and ensuring the financial viability of farmers, eAgronom is at the forefront of revolutionising the agricultural industry. Bolstered by Estonia’s favourable business climate, it helps farmers adopt more innovative farming methods.
The company’s carbon credit program is a key initiative that strikes a balance between sustainability and financial viability for farmers. By utilising greenhouse gas (GHG) monitoring and data measurement technologies, eAgronom accurately measures and verifies farms’ carbon footprints. This information allows the company to create tailored sustainability plans for individual farms.
Additionally, eAgronom directly subsidises farmers in implementing various measures, such as soil quality improvement, optimised fertiliser and fuel use, and other environmentally friendly practices. These initiatives not only contribute to reducing carbon emissions but also generate carbon credits. The generated credits provide farmers with a new revenue stream, making sustainability financially beneficial.
Fighting climate change
“These steps are crucial in the global fight against climate change where we need to act rather sooner than later,” says Robin Saluoks, CEO of eAgronom. Coming from a family of farmers in Tartu County, Saluoks has built an internationally acclaimed business, was named Estonia’s young entrepreneur of the year in 2019 and has recently landed a spot on the 30 under 30 list for Europe.
The new funding will enable eAgronom to scale its digital tools and technologies, facilitating the transition of farms to sustainable practices. So far, eAgronom’s approach has already been successful in Spain, Poland, Romania, East Africa, and several other markets.
“The global crises of recent years and the growing climate problems have shown us more and more acutely that it is necessary to develop sustainable ideas and technologies bolder and faster than before,” said Sille Pettai, Fund Manager and Member of the Board of SmartCap.
A substantial commitment backs this vision, showing Estonia’s rising power in shaping the EU’s green future. Until 2026, through funds and direct investments of SmartCap’s Green Fund, €100M will be offered to improve the financing opportunities of Estonian GreenTech companies. SmartCap Green Fund, including its investment to eAgronom, is funded by the resources of the European Union’s recovery plan NextGenerationEU.
Read more about business opportunities Estonia offers in the food industry here and send us an e-Consulting request to get more detailed information.
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