xFarm Technologies, an Italian-based agtech company, has closed a €36 million ($39 million) Series C funding round, marking a pivotal moment in its growth journey. The round, led by Partech through its Impact Growth Fund, also included Mouro Capital, Swisscom Ventures, United Ventures, and other existing backers, showcasing continued investor confidence in xFarm’s vision for sustainable agriculture. This investment will enable the company to accelerate its international expansion, including in Europe, Turkey, Latin America, India, and the United States, while advancing its technological offerings to support regenerative agriculture and climate-smart farming practices.
The Series C round follows xFarm’s previous fundraising achievements, which include a €17 million Series B round in 2022 and an initial €3 million seed round in 2019. Since then, xFarm has made significant strides in digitizing the agriculture sector, providing digital tools to over 450,000 farms across more than 100 supply chains. The platform now manages data from over 7 million hectares worldwide, a testament to its growing influence in global agricultural management. The company’s Farm Management Information System (FMIS) consolidates data from various sources, enabling efficient and sustainable farm operations.
This new funding will be directed towards expanding xFarm’s presence in strategic markets like Turkey, India, and the United States, where the demand for advanced agricultural solutions is on the rise. In addition to expanding its geographic reach, xFarm aims to enhance its platform capabilities through further investments in artificial intelligence (AI) and data analytics. A key focus area is the promotion of regenerative agriculture, with xFarm developing AI-based models to help farmers transition to practices that improve soil health and reduce environmental impacts.
xFarm’s recent acquisitions have also strengthened its position in the European market. In April 2024, the company acquired Greenfield Technologies, a Spanish firm specializing in regenerative agriculture techniques, and SpaceSense, a French company known for its geospatial AI capabilities. These integrations enable xFarm to offer farmers detailed insights into soil conditions and climate patterns, making it easier to adopt sustainable practices. These technologies are crucial for farmers aiming to reduce inputs like water and fertilizers, while improving overall yield and resilience against climate change.
The company’s partnership with Bunge in Brazil illustrates its commitment to fostering low-carbon agricultural practices. This collaboration aims to assist Brazilian farmers in adopting sustainable methods, with a focus on reducing carbon emissions and improving productivity. Additionally, xFarm’s three-year digital agriculture project with Dyson Farming, one of the UK’s largest agricultural enterprises, highlights its strategic emphasis on data-driven efficiency and sustainable food production. These partnerships provide xFarm with valuable insights into diverse agricultural needs, allowing the company to refine its platform for different markets.
Mouro Capital’s participation in the Series C round is particularly noteworthy as it supports xFarm’s ambition to build out a dedicated fintech and insurtech division. This new focus is designed to offer farmers better access to credit and insurance products, which are often critical for mitigating the risks inherent in farming. Mouro Capital, with its experience in fintech across Europe and Latin America, sees xFarm’s platform as a natural entry point for addressing farmers’ financial needs. This aligns with xFarm’s broader mission of providing comprehensive support to the agricultural sector, not just in terms of farm management but also through financial empowerment.
The leadership team at xFarm, including CEO Matteo Vanotti, remains committed to leveraging the company’s digital tools to drive positive change in agriculture. “This is a time of profound change and great challenges for the agribusiness industry globally. At xFarm Technologies, we want to continue to provide the most effective and advanced tools to address this scenario,” says Vanotti. The company’s strategy includes substantial investments in research and development (R&D), focusing on climate intelligence and AI for agronomic support. These innovations are intended to help farmers adapt to changing environmental conditions and market demands, while improving the sustainability of their operations.
Investors like Partech and Mouro Capital recognize the broader potential of xFarm’s technology. Partech’s General Partners, Rémi Said and Arnaud Minvielle, have highlighted xFarm’s ability to blend cutting-edge technology with a deep understanding of farmers’ needs. They see xFarm as a potential global leader in agronomic management software, capable of driving the transition of the agricultural value chain towards greater sustainability. Their support, alongside that of other investors, underscores the confidence in xFarm’s capacity to scale its impact across new markets and continue innovating in the agricultural space.
The Series C funding round comes at a time when the agtech sector has faced challenges in attracting investment, particularly for early-stage companies. Despite this, xFarm has managed to draw significant interest from growth-stage investors by demonstrating its ability to deliver concrete results. Its technology is not only streamlining farm management but also enabling significant reductions in environmental impact, making it a preferred candidate for funds focused on cleantech and impact investments. This success story speaks to the growing interest in digital solutions that can make agriculture more efficient, resilient, and sustainable.
As xFarm continues to expand its platform and reach, the company’s vision remains centered on helping farmers adapt to the complexities of modern agriculture. Through its focus on data-driven solutions, partnerships, and a commitment to sustainability, xFarm Technologies is positioning itself as a critical player in the ongoing transformation of the global agricultural industry. The Series C funding will be instrumental in this next phase of growth, allowing xFarm to build on its strengths, reach new markets, and continue its mission of driving the digitalization of agriculture in service of a more sustainable future.
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