Hortau, a Canada-based irrigation management platform operator backed by media and technology holding company Telesystem, yesterday raised $20m in a funding round.
The round included a $7m investment from Canadian export credit agency Export Development Canada and a $5.9m commitment from development capital provider Fonds de solidarité FTQ.
BDC Capital, the investment arm of state-owned Business Development Bank of Canada, Avrio Ventures, Advantage Capital Agribusiness Partners and Capital régional et coopératif Desjardins made up the remaining $7.1m.
Hortau provides an irrigation management platform that enables commercial growers to monitor the health of their crops by measuring crop stress through indicators such as nutrients levels, drought or lack of aeration.
Proceeds from the round will be used to support product development and international expansion efforts.
Hortau previously received a $5.9m investment from government-owned cleantech fund Sustainable Development Technology Canada (STDC) in January 2018.
In 2008, Telesystem joined Desjardins, La Société Capital Financière Agricole, SDÉ Lévis and Solide in backing a round of undisclosed size for the company.
Hortau went on to raise $3m in an Avrio-backed round in 2013, before its collected $10m in a 2016 round led by Advantage Capital Agribusiness Partners and backed by Avrio, BDC Capital and Capital Régional et Coopératif Desjardins.