Saskatchewan-based Croptimistic Technology Inc. has announced $3.5 million in Series A investment from Forage Capital Partners to complement an additional $1.7 million in funding from the founders and institutional debt.
The new capital will help accelerate the growth of Croptimistic’s SWAT MAPS technology, which provides farmers and partners with high resolution foundation maps to execute variable rate fertilizer, seed, soil amendment, herbicide, and precision water management.
Croptimistic CEO and co-founder Cory Willness says the company is excited to take the next steps with the team at Forage.
“Jim Taylor and Steven Leakos have already made strides due to their extensive expertise in the agtech space. We want to acknowledge our incredible team based in three countries who have worked tirelessly to get us here and our COO, Rob Harris, who was instrumental in executing this funding.”
Chief technology officer and co-founder Derek Massey adds, “the funds raised will be used to add developers and professional staff to our Kelowna, B.C. hub to build out the software and hardware solutions in order meet the high growth demands from the millions of acres in our system.”
Croptimistic is also welcoming a new investor, Greg Stewart, who has been appointed chairman of the board of directors. Stewart is currently a director at the Bank of Canada and was formerly president and CEO of Farm Credit Canada.