South African agri-tech startup FarmTrace has raised an undisclosed amount of funding from Secha Capital and Hassium Capital. The company said the new funding round will be used to expand its customer base and accelerate growth.
The startup offers a cloud-based ERP system, providing farmers with cloud software that allows them to manage their operational requirements. From the software, farmers are able to track all production activities, giving them more control and the ability to monitor operations from anywhere in the world. FarmTrace claims its solutions can increase efficiency in farms and consequently boost yield.
FarmTrace was founded by Jacques du Plessis and Werner Lategan in 2015 and raised its first $1m investment in 2018.
Speaking on the recent raise, Lategan, who is the startup’s COO, said, “With this capital, FarmTrace will bring about the next wave of farming cost savings, yield, and efficiency improvements. We will serve more farms, more products, and more geographies and ensure that we can help farms grow sustainably and profitably.”
The company says its latest funding round will help them to scale its product and improve operations to profitability.
“FarmTrace connects to and integrates farm data at scale from multiple farm systems across multiple countries. The result is maximum value for your organization with increased operational efficiency and reduced service costs,” the company says.