Farmbot raises $4.6m to target US market

11 June 2024
The Farmbot team are enjoying success in Australia and are now expanding into the US. Pic: Supplied
An article by  Natasha Lobban

Farmbot Monitoring Solutions has successfully completed a capital raise to fund its growth objectives in Australia and the US, where it has recently launched subsidiary, Ranchbot, to the tune of $4.6 million. 

The initial capital raise target of $3million was scaled up with the support from existing shareholders Telstra and Macdoch Ventures, as well as numerous other shareholders and new investors 

The capital raise also had the support of several high-net-worth US investors from the ranching sector and some senior executives of the firm.  

“Securing this capital raise has built the bridge to our next phase of growth. This significant equity will allow Farmbot to fulfil its growth aspirations both here in Australia and accelerate our growth of the American subsidiary, Ranchbot,” Andrew Coppin, MD and Co-founder of Farmbot, said.  

“Water is agriculture’s most critical asset and checking and monitoring water sources can be a huge hidden expense in farming and ranching operations. Our water management products make this process easy, instantaneous, and cost effective by implementing remote water management, pipe, pump and infrastructure control.” 

In Australia, Farmbot is used on more than 3,500 farms and stations and employs a team of 70 people, including 20 staff employed in R&D and manufacturing on the ground in its Sydney-based head office.  

In the US – where the market opportunity is ten-fold the size of Australia’s - Ranchbot has established a team of 12 people.  

“Combining this capital with our impressive team in both Australia and the US will be instrumental in excelling the trajectory growth in the farming and ranching sectors," Mr Coppin said. 

“Farmbot is striving to maintain a 100% year-on-year growth rate with over 20,000 sensors in the field, demonstrating significant demand for our offer and the efficiencies it provides.” 

He said the company started with the drive to effectively manage water, but now aimed to become a preferred destination for tech-driven farm management solutions providing deeper insights and comprehensive tools for smart decision-making.  

Kim Krogh Andersen, group executive of Product and Technology at Telstra, said it was proud to continue to invest in one of Australia’s leading Agtech businesses through its muru-D accelerator.  

“Our involvement with Farmbot is more than an investment - it's a strategic collaboration that reflects our dedication to the agricultural sector and regional Australia. Farmbot's innovative technology is fostering better communication and data-exchange for farmers, as well as enabling more sustainable and productive farming practices,” Mr Krogh Andersen said.  

“This collaboration is a testament to our belief in the transformative power of technology in agriculture, and demonstrates our commitment to enhancing Agtech innovation across Australian farms.” 


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