Canadian AgTech company Croptimistic raises $5.2M in Series A funding led by Forage Capital
June 3, 2021 – Naicam, Saskatchewan – Croptimistic Technology Inc. (Croptimistic) announces $3.5M in Series A investment from Forage Capital Partners (Forage) to complement an additional $1.7M in funding from the founders and institutional debt. This new capital will help accelerate the growth of Croptimistic’s SWAT MAPS technology. The SWAT technology ecosystem provides farmers and partners with high resolution soil foundation maps to execute variable rate fertilizer, seed, soil amendment, herbicide, and precision water management. Since the first year of operations in 2018, Croptimistic has grown to 18 staff across Canada, the USA and South Africa. It has nearly 100 partners spanning 4 countries and $2M in revenue in 2020.
“We are excited to take the next step of our journey with the team at Forage. Jim Taylor and Steven Leakos have already made strides due to their extensive expertise in the Agtech space. We want to acknowledge our incredible team based in 3 countries who have worked tirelessly to get us here and our COO, Rob Harris, who was instrumental in executing this funding.” - Croptimistic CEO and co-founder, Cory Willness
“The funds raised will be used to add developers and professional staff to our Kelowna, BC hub to build out the software and hardware solutions in order to meet the high growth demands from the millions of acres in our system.” - Croptimistic CTO and co-founder Derek Massey
“We are proud to partner with the team at Croptimistic, a world leader in variable rate farming applications. Croptimistic’s SWAT MAPS, software, world class hardware, and current IP portfolio together with their strong agronomic background provides farmers with an excellent return on investment and significantly reduces the overall environmental footprint to their farming operation.” - Steven Leakos of Forage
Croptimistic also welcomes new investor, Greg Stewart, who has been appointed Chairman of the Board of Directors. Stewart is currently a director at the Bank of Canada and was a former President and CEO at Farm Credit Canada (FCC), a leading agricultural lender and self-sustaining Crown Corporation.
“I’m honoured and excited by the opportunity to be an investor and appointed Chairman of the Board for Croptimistic Technology. Their proprietary technology is solving real-world issues in the agricultural space, leading the way with effective variable rate application, and reducing and monitoring environmental impact in the sector. The future is bright for global agriculture, and this is a crucial piece of the puzzle to allow for sustainable and cost-effective farming.” - Former President and CEO at Farm Credit Canada, Greg Stewart
$5.2M is the largest raise by a Co.Labs company while enrolled in the program. It is also the first Series A raised by a Co.Labs company.
"We came into Co.Labs as a small startup with great traction on our SWAT MAPS platform but we lacked the tech industry culture and knowledge to take it to the next level. Through the mentorship, community, and guidance provided, we came out as a leading venture-funded AgTech company." - Croptimistic CEO and co-founder, Cory Willness
"Cory and the SWAT Maps team are blazing a trail in AgTech. They continue to break down barriers and this investment from Forage Capital Partners will put them on the world’s stage. Co.Labs is grateful to be part of their history and look forward to seeing them take the world by storm." - Co.Labs Executive Director, Matt Stefan
About Croptimistic Technology Inc.: Croptimistic is an internationally operating Agtech company founded by Cory Willness, Shannon Willness, and Derek Massey. It has built a vast partner network with SWAT MAPS, a turn-key variable rate process that prioritizes Soil, Water, And Topography (SWAT) factors of fields for the creation of management zones. Their technology includes SWAT Records (desktop software and mobile apps), SWAT BOX (autonomous soil mapping system), SWAT CAM (machine learning sprayer cameras) and SWAT WATER (soil moisture maps). The value proposition for their technology is strong, with annual retention rates above 95% on SWAT Mapped acres along with documented environmental and climate change improvements. Key APIs include Climate Fieldview and John Deere. To learn more about Croptimistic and the SWAT ecosystem, visit www.swatmaps.com.
About Forage Capital Partners: Forage is Canada’s most experienced team of Ag & Food investors, having managed over $500 million in commitments to the industry over the last 18 years. Forage Capital Ag & Food Business Solutions Fund works to provide its portfolio companies with the stability and flexibility they need to expand and adapt their business models during these challenging times. The fund will invest with creative business owners that are looking to capitalize on new and innovative opportunities that will emerge as the Canadian economy recovers and prospers. For more information on Forage Capital Partners, visit www.foragecapitalpartners.com.
