Growers reaps $5m series A

US-based farm management software developer Growers raised $5m yesterday in a series A round backed by Virginia Tech Carilion Innovation Fund, a VC partnership between the university and healthcare provider Carilion Clinic.
VC firm Lewis and Clark Ventures led the round, while Memphis Bioworks Foundation’s investment arm, Innova Memphis, as well as Tiverton Advisors, Albany Private Equity Partners and Maize Partners also participated.
A regulatory filing published in August 2018 suggests the funding is made up of equity and securities, though the ratio could not be ascertained.
Founded in 2015, Growers has built a farming data analytics platform that evaluates information from soil samples and uses them to provide guidance on matters of agricultural planning such as seed plantation.
The series A funds will go towards further software development as Growers looks to expand the business with improved customer service and presence in additional markets.
Growers previously raised $750,000 and $1m in equity from undisclosed investors in 2015 and 2017 respectively, according to regulatory filings.
Steven Valencsin, founder and chief executive of Growers, said: “We have built one of the largest independent datasets for soil ranking and product performance.
“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.”