Agtech startup Regrow has raised US$17 million (A$23.5m) in a series A for its carbon measurement software for the agri-food supply chain sector.
The raise was led by new US climate change focused VC Ajax Strategies, Tenacious Ventures and Cargill.
Existing investors include Microsoft’s venture fund M12, the Jeremey and Hannelore Grantham Environmental Trust’s Neglected Climate Opportunities fund, Main Sequence, AirTree Ventures, and others continued to back the venture’s latest round.
Regrow will use the funds to accelerate the global rollout of its monitoring, reporting and verification (MRV) tool, which is designed to customise, optimise and monetise carbon impact strategies across the entire supply chain from buyers to sellers, producers and verifiers.
Regrow founder and CEO Dr Anastasia Volkova said the MRV platform addresses some of the most critical challenges preventing the widespread adoption of regenerative agriculture practices and is the first independent, objective turnkey system for the industry.
Dr Volkova relocated to the US from Australia last year.
“Implementing and scaling responsible, sustainable agricultural practices is the most actionable strategy we can take to reverse climate change, but the payoff hasn’t been clear or immediate,” she said.
“Regrow’s MRV platform cracks the code on incentivising growers, suppliers and CPG companies to implement profitable, scalable, climate-forward agriculture practices that can significantly reduce greenhouse gas emissions.”
The platform automates a range of manual checks farmers normally have to make using satellite imagery and other tech to map agricultural practices and gives farmers the ability to better predict outcomes and make changes accordingly.
Ajax Strategies partner Veery Maxwell said the fund is looking to invest in long-term climate change solutions that will make a meaningful difference at scale.
“Regrow is able to provide all food and ag industry sectors with the tools and technologies needed to set, achieve and scale meaningful sustainability initiatives,” she said.
Regrow now has more than 50 staff and earlier this year acquired soil analysis consultancy firm Dagan.
The company now monitors more than 68 million hectares of agricultural land in 45 countries, supporting major companies such as General Mills, Cargill, Bayer AG and The Nature Conservancy to meet their environmental commitments.