(NXTP Labs) Argentinian online agribusiness marketplace Agrofy, an NXTP Labs portfolio company, received US$1m in angel funding.
Agrofy, the agrobusiness platform keeps on growing exponentially. Ever since its launch in November 2015, the value of the listed products has exceeded U$350M and business contacts which amount to U$250M are made monthly.
In order to consolidate its growth in Argentina and organize the Brazilian launch, Agrofy has closed a new funding round totaling U$1M. After the U$5k angel funding, this is the second U$1M round that the company has managed to raise in less than a year.
“All our investors, who are well-establishedbusinessmen in the agribusiness and IT sectors, have been supporting the growth of the company and we have also added new strategic partners, which means great trust in our project” Alejandro Larosa, co-founder of Agrofy, said.
Agrofy is an online marketplace built to boost agribusiness globally through agile and transparent transactions between all the industry participants. It operates all the relevant categories for the farmer: machinery, inputs, infrastructure, tools, crops, cattle, insuarance, loans, farmlands, jobs and vehicles.
The invesment is intended for enhancements to its technology platform and talent acquisition.“We have been well received in the sector, we are committed to streamlining our marketplace in order to simplify agribusiness and that is the reason why we need to enlarge our development team. In this way, we can go faster and develop a globally scalable platform” explained Maxi Landrein, Co-founder and CEO of Agrofy, concerning the reason for this new round. He went onto say “We are currently working with leading companies in the sector helping them with its ecommerce strategy. To do so, we are building a first rate team and we are allocating all our resources to achieve that goal. Our highly skilled team is entirely focused on generating value through online solutions for the sector. We aim to become the global leader in the agribusiness marketplace segment.”
This round enables the company to reach next year’s Series A, when it expects to raise between U$3M and U$5M for the Brazil launch.