eAgronom closes $7.4M investment round
Ellex in Estonia advised eAgronom on a $7.4 million Series A investment round to create a farming-based carbon credits platform.
Estonia-based agtech company eAgronom has closed a $7.4 million Series A round led by Yolo Investments and ZGI Capital. Other investors participating in the round included Trind VC, Iron Wolf Capital and United Angels VC. EAgronom has also received a $600,000 EU grant, and previously raised $12 million from investors.
Given that agriculture is one of the major sources of global emissions today, with this funding, eAgronom says it aims to create a farming-based carbon credits platform. It will also expand to new markets (including outside of the EU) and improve its carbon tracking technologies. It will also launch a web3-based DAO called Solid World to help farmers and other carbon projects finance CO2 sequestration.
Because soils constitute the largest carbon sink outside oceans, the planet is going to need sustainable farming practices to deal with the climate crisis.
Given that carbon offsetting has experienced a lack of transparency and measurability, eAgronom believes that a blockchain solution will introduce more accountability.
It currently has as clients 1,500 agribusinesses that cover more than a million hectares of arable land across Europe.
In a statement, Robin Saluoks, co-founder and CEO of eAgronom, said: “Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity. To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies. We aim to become the leading developer of high-quality carbon credits.”
Ellex team in Estonia who advised eAgronom on the funding round included Counsel Antti Perli and Lawyer Priit Pruks.