Canadian agriculture technology (AgTech) company Croptimistic Technology Inc. (Croptimistic) has acquired CropPro Consulting (CropPro) and increased working capital with Series B investment from Forage Capital Partners (Forage) of $9.1 million. This investment will be used to fund Croptimistic’s continued research and development efforts.
“Croptimistic is very excited to announce the acquisition of Crop Pro Consulting. The new combined entity will significantly enhance our ability to serve farmers and expand our reach, solidifying our position as the market leader in soil mapping software and hardware.” said Greg Stewart, Chairman of the Board for Croptimistic and Director with the Bank of Canada. Forage Managing Director, Jim Taylor adds, “the acquisition of Crop Pro’s operations and acres under management adds significant scale to the Croptimistic business. It will dramatically accelerate our growth and further establish Croptimistic’s position as the market leader in delivering the world’s most advanced variable rate fertilizer and seed solutions.”
The announcement comes as Forage continues its strong investment in support of one of the fastest growing AgTech companies in the world. Since starting operations in 2018, Croptimistic has shown average growth of 100% year over year. It’s well-known flagship product, SWAT MAPS, creates maps encompassing Soil, Water and Topography (SWAT). Croptimistic currently has 67 company partners executing their business model in four countries with their strongest presence in USA and Canada, they are aiming to deliver the best soil mapping hardware and software system in the world. The SWAT ECOSYSTEM powered by their SWAT RECORDS software offers support, training and connects precision agronomy experts and farmers in a seamless process. In addition to their existing autonomous soil mapping hardware system called the SWAT BOX, the company recently released their newest hardware, the SWAT CAM – an affordable, low cost, camera system that mounts to sprayers and creates crop and weed population maps and performs plant stand counts using machine learning models.
“This new funding has enabled us to keep growing and investing in our software SWAT RECORDS and expand our team in our new office based in Kelowna, BC.” said Derek Massey, Co-Founder and Chief Technology Officer at Croptimistic. “By investing resources in our software we’ll be able to continue to scale and grow our company to meet the needs of our farmers and service providers.”