Author: Anders Horntvedt, Finansavisen [Read more]
Cargill, Kellogg’s, McCormick, Diageo and Tradin Organic are some of the companies the agritech Farmforce has on its customer list. Farmforce digitizes information about crops from smallholder farmers in developing countries. The customers are buyers of crops, and the software makes traceability possible down to the individual farmer and land. The purpose is to ensure sustainable production and give farmers access to the market. Just three years after the founding of the company, the product is used to handle over 500,000 farmers in 30 countries.
The company is now raising capital to grow: NOK 10 million each from MP Pensjon and Orkla’s venture arm, and NOK 15 million from the state investment company Investinor. The issue of a total of NOK 35 million values the company at NOK 60 million before the capital has been received. – It is a valuation both existing and new shareholders are happy with. We are pleased to bring in solid and long-term investors who see the potential in Farmforce, and are willing to continue with us, says Chairman of the Board Grethe Viksaas.
Today’s valuation is a nice increase from October 2018. Then Tharald Nustad’s venture environment Katapult entered the ownership side at a valuation of around NOK 20 million.