Software and services provider Growers Holdings has raised $5 million through a Series A led by Lewis & Clark Ventures. Participating in the round are all of the company’s existing investors including Tiverton Advisors LLC, Albany Private Equity Partners, and Maize Partners, as well as new investors, Innova Memphis, and the VTC Innovation Fund managed by Middleland Capital.
Connecting the art of farming with science and technology, Growers has developed a system of capturing highly accurate field data at scale and coupling it with easy-to-use software to deliver farm data analytics for large-scale row crop farmers. What sets Growers apart however, is its channel of boots-on-the-ground services that ensure that the technology is working and being fully integrated and fully leveraged by the farmer.
“Precisive management, analysis and execution of farm data can create dramatic on-farm results and increased profitability for farmers,” said Steven Valencsin, founder and CEO, Growers Holdings. “The problem is, many of the digital tools on the market today are only partial solutions or are too cumbersome. Growers products and services were built by farmers, for farmers.”
Since its launch in 2011, Growers has built a track record of delivering yield improvements of between 10 and 20 percent with fewer inputs. This achievement has resulting in Growers helping farmers to generate $50 million in incremental crop revenue, while reducing fertilizer application by 160 million tons across hundreds of thousands of acres across 10 U.S. states. Together with Growers’ proprietary soil analytics, the company’s recommendations deliver a 3-5X return on investment, and its customers have reported “bottom line” increases of excess of $100 per acre.
“We have built one of the largest independent data sets for soil ranking and product performance,” said Valencsin. “Our hybrid selection and product placement technologies offer farmers a refreshing solution that is brand agnostic, independent, and validated by hundreds of thousands of acres of real results.”
Growers’ experts are available 24/7 to solve issues from equipment failure, to questions regarding operational efficiency, and are available to come to each farm in person if needed.
“Everyone who works in this field understands the promise of digital agriculture. But the challenge is getting all the pieces to click together for farmers to have a successful outcome. That’s the solution we offer,” noted Valencsin.
The company plans to use the fresh capital to support the acceleration of its software development and to grow its channel-based business across new markets while improving its customer service.
“We’re excited to work with Lewis and Clark Ventures and our other investors and use this financing to better serve our customers and expand to new markets,” said Valencsin.
-Lynda Kiernan
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