Australian agri information service gets Series C round
Agworld, an Australia-based information exchange platform for farmers, has raised A$6 million ($5.6 million) in a Series C round of funding led by Reed Elsevier Ventures. Existing investor Yuuwa Capital also participated.
This latest round of funding brings the total equity raised by the company to A$12 million. Yuuwa, a Perth-based venture capital firm, invested $1.5 million in September 2010.
Founded in 2008 in Perth, Agworld claims to be Australia's leading information management and cloud collaboration software provider for farmers and agronomists. Its services are used by more than 12,000 farmers in five countries, tracking performance over 35 million acres of cropland.
The company provides a centralized software platform for everyone involved in the production and management of crops. Agworld's features include decision-making tools such as comprehensive crop production plans, geospatial data interrogation, agronomist recommendations, and financial and crop performance reporting.
"As the venture capital arm of one of the largest global data and information solutions companies, Reed Elsevier Ventures is an ideal investment partner for Agworld, bringing with them extensive knowledge of the big data industry and fast moving SaaS business models," said Doug Fitch, CEO of Agworld, in a statement.
The new funding will be used to support Agworld's expansion into the North American agricultural market while enhancing its position in Australia.
Reed Elsevier Ventures is an investment arm of Reed Elsevier Group, a global provider of professional information solutions that employs around 28,500 people.
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