As part of its ongoing efforts to help farmers throughout the world adopt digital solutions to combat climate change, Israeli agritech business SupPlant has raised an extra R408 million ($27 million).
PBFS, Menomadin Foundation, Smart-Agro Fund, Mivtah Shamir, Deshpande Foundation, and Maor Investments all contributed to SupPlant’s round of fundraising, which was led by Red Dot Capital Partners.
“The funds raised in this round will allow us to invest in the South African market and open other markets as well,” says Ori Ben Ner, CEO of SupPlant.
“We also plan to continue to develop our product in order to help farmers in South Africa fight climate change. It is far superior from any common practice available and is built for the vast majority of farmers on earth — smallholders that can’t afford access to hardware-intense technology and unique knowledge.”
In June of last year, the company announced that it would be expanding its operations in South Africa by raising R137 million from local investors. At the time, it stated that it hoped to revolutionize irrigation through the use of new technology.
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SupPlant’s new multimillion-dollar investment in South Africa follows an increased focus on agricultural technology, particularly in underdeveloped countries.
“We were impressed by SupPlant’s abilities and recent expansion into strategic markets. We were also inspired by their goal: working with smallholder farms, which usually do not have access to agritech. Food security will be a major issue in coming years, and we feel certain SupPlant’s solution will have a stand-out role in it,” Atad Peled, principal at Red Dot, said about the transaction.
A Look At What The Startup Does
SupPlant’s technology is based on sensors placed on plants and their surroundings that transmit data to the cloud about how much water the plant truly needs to develop.
According to the firm, this data is then transformed into irrigation models, suggestions, and actionable insights via the use of artificial intelligence and big data.
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AECI Plant Health represents and distributes the SupPlant solution in South Africa.
In South Africa, the company’s technology solutions are already in use, supporting farmers in transforming irrigation practices.
According to SupPlant, the increased assistance for local farmers comes as a result of global warming’s impact on South African farmers, who face everyday challenges like as an unpredictable climate that is changing swiftly and a continual scarcity of irrigation water.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer