FarmLogs, which makes an agricultural app that helps farmers manage their farm to increase yield, has raised a $4 million Series A round of financing led by Drive Capital. Existing investors Huron River Ventures, Hyde Park Venture Partners and Hyde Park Angels also participated in the round. The Ann Arbor, Mich.-based company, which went through the Y Combinator program, previously raised $1 million in seed capital. As part of the funding, Mark Kvamme, co-founder of Drive Capital, has joined the board.
FARMLOGS SECURES $4 MILLION IN SERIES A FUNDING LED BY DRIVE CAPITAL
Co-Founder Jesse Vollmar Named to Forbes Magazine’s 30 Under 30 List
ANN ARBOR, Mich. – FarmLogs, the leading agricultural tech startup and Y Combinator alum that helps farmers digitally manage their farm to increase yield and profitability, today announced that it has closed a $4 million Series A round of financing led by Drive Capital, a venture capital fund launched in 2012 by two Sequoia Capital veterans. Existing investors, Huron River Ventures, Hyde Park Venture Partners and Hyde Park Angels also participated in the investment.
The funding comes on the back of massive growth for the company and will be used to expand the FarmLogs team as they execute on an aggressive product roadmap for 2014. Open positions are available on FarmLogs jobs page.
“We are very excited about the trajectory we are on and having additional support and resources will continue accelerate our growth,” said Jesse Vollmar, CEO and co-founder of FarmLogs. “We’ve helped thousands of farmers around the world take advantage of technology, and with their feedback and suggestions they’ve helped us create a smarter future for farming.”
With farms in all 50 states and 130 countries, FarmLogs has achieved substantial growth since launching its farm data platform just two years ago. The product is now being used by over 5% of row-crop farms in the US. FarmLogs’ intuitive web and mobile apps provide meaningful insights and help break down the barriers that the farming industry and big hardware manufacturers have put in place. By bringing critical farm data online in real time, FarmLogs is helping farmers manage and analyze the large amounts of underutilized data collected from their fields in order to make smarter, more efficient and more profitable farming decisions.
Drive Capital co-founder and partner Mark Kvamme will be joining the company’s board of directors. Prior to founding Drive Capital, Kvamme was a partner at Sequoia Capital for 12 years where he led investments in Linkedin, MarkLogic, Cast Iron and more.
“FarmLogs is giving farmers the technology to optimize their business that was only available to Fortune 500 businesses just a couple of years ago, ” said Mark Kvamme, co-founder and partner at Drive Capital. “We’re honored to be partnering with the exceptional entrepreneurs at FarmLogs solving such important problems for the world’s farmers. ”
FarmLogs CEO and co-founder Jesse Vollmar was recently named to Forbes Magazine’s prestigious 30 Under 30 list in the energy and industry category. The story is available here. The company previously raised $1 million in seed funding in January 2013.
FarmLogs creates secure web and mobile technology solutions to improve productivity, efficiency and profitability on the farm. The user-friendly farm management software and mobile apps help farmers plan, manage and analyze their farms’ operations in order to increase yield and profitability. An alumnus of the winter 2012 batch of Y Combinator, FarmLogs is the leading farm management software company for row crop farming. The company is headquartered in Ann Arbor, Michigan and was founded in 2011 by Jesse Vollmar and Brad Koch. For more information, visit FarmLogs.com.
About Drive Capital:
Founded late in 2012, Drive Capital invests funds and expertise in promising companies with global market opportunities in the IT, financial services, consumer, and healthcare services industries, and helps those entrepreneurs build the next generation of innovative businesses. Drive Capital’s investments will be focused on the Heartland that stretches from Pittsburgh to Kansas City to Minneapolis and back. Drive Capital’s founding partners, Mark Kvamme and Chris Olsen, are experienced venture capitalists, and have participated in several venture capital firms prior to founding Drive Capital.