FARMLOGS SECURES FUNDING TO LAUNCH NEW FARM MANAGEMENT SOFTWARE
Jan. 28, 2013
Source: FarmLogs news release
FarmLogs, the Michigan startup and Y Combinator alum that helps farmers digitally manage their farm to increase profitability, today announced that it has closed a $1 million seed funding round co-led by Huron River Ventures and Hyde Park Venture Partners. Hyde Park Angels, Silicon Badia Ventures, and First-Step Fund participated in the investment along with angel investors.
The funding allows FarmLogs to expand its team and to further develop its mobile applications in time for the 2013 planting season.
Launching almost exactly a year ago, the farm management software company has quickly helped modernize farming by bringing critical farm data online. FarmLogs replaces paper record keeping with simple, easy-to-use software that is accessible via smartphone or web browser.
With FarmLogs, growers can plan, manage and analyze their farm's operations in order to increase yield and profitability. The tool allows farmers to quickly forecast and measure profits, track expenses, and more efficiently schedule operations.
"We built a product that my family and other farmers were asking for. Our customers around the world tell us that they could never go back to the old way," said Jesse Vollmar, CEO and co-founder of FarmLogs. "We are on a mission to create world-changing innovation in agriculture.
This funding allows us to accelerate our growth to help even more farmers take advantage of modern technology."
FarmLogs helps row crop farmers (corn, soybeans, wheat, etc.) save time and gain total visibility into all aspects of the farm in one place. A dashboard gives users a daily snapshot of a farm's performance, access to maps, calendars, weather conditions, market prices and relevant news.
Field activities such as planting, fertilizing, and harvesting can be quickly logged in the web browser, or right from the field using the GPS enabled mobile app. Users can then drill down into their farm's performance to learn from previous results and use that information to make smarter, more efficient farming decisions.
"FarmLogs has enormous growth potential, and the team is well positioned to transform the farming industry," said Tim Streit, managing director of Huron River Ventures. "Not only will their web and mobile technology make farming more efficient and profitable, but it will have a major impact on global agriculture."
The company will be exhibiting at the Iowa Power Farming Show from January 29-31.
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 Hyde Park Venture Partners:
Hyde Park Venture Partners (HPVP) is an early stage venture capital fund investing in new technology companies in the Midwest. HPVP works in partnership with Hyde Park Angels and invests in technology-enabled business and consumer services and healthcare IT companies raising their first or second round of institutional capital, ranging in total size from $750K to $2.5M. For more information, visit HydeParkVP.com.
About Huron River Ventures:
Huron River Ventures is a Michigan-based venture fund focused on early-stage companies that produce innovative, cost-effective and higher performing products and solutions. Huron River Ventures invests in energy efficiency technologies, digital cleantech - IT enabled solutions to global resource constraints - and smart transportation. For more information, visit huronriverventures.com.