Agworld, an Australia-based provider of information management and cloud computing services for the agricultural sector, has raised A$6m (US$5.6m) in a series C round led by Reed Elsevier Ventures.
Reed Elsevier Ventures, the corporate venturing division of publishing and information company Reed Elsevier, was joined in the round by venture capital firm Yuuwa Capital. Yuuwa invested A$1.5m (US$1.3m) in Agworld in 2010, and the latest funding round brings Agworld’s overall funding to A$12m (US$11.2m).
Agworld has developed a software platform for the crop production process that organises crop management, provides data and offers advice during the crop cycle. Agworld operates in Australia, South Africa, New Zealand and the US. The latest funds will support the company’s expansion into North America.
Doug Fitch, chief executive of Agworld, said of Agworld’s plans: “We have been running a beta test for six months in the US and we have really just begun the launch this (Australian) financial year in the US.
“We run a staff of around 41 globally and we will ramp that up over the next couple of years to around 55 to 60 in total,’’ Fitch added. “The US is where most of our staff expansion will be.’’