GroGuru – a leader in strategic water management for commercial farmers, today announced the completion of a Series Seed A financing round with $2.3 million in funding. This funding round was co-led by Cove Fund and Impact Venture Capital. Cove Fund is a family of seed-stage venture capital funds that provides startup funding for promising new Southern California ventures. Impact Venture Capital seeks out, invests in, and guides bold founders that build enduring iconic companies. Both the Cove Fund and Impact VC have built robust relationships with Corporate Venture investors, which will be essential for GroGuru in future financing rounds for the company.
This funding round will be used to expand sales, continue developing and commercializing its innovative AI-enabled solutions for continuous farm monitoring and management, and expand its strategic partnerships. The other institutional investors in this round include Integral Capital Partners, Comeback Capital, and Right Side Capital Management. And the company also has investments from three of its market channel partners: VIGR Crop, NutraDrip, and Thunderhead Crop.
Around 70% of the world’s freshwater supply is used for agricultural irrigation. And world food production needs to increase by 50% by 2050 to keep pace with population growth. GroGuru’s innovative solutions enable farmers to increase crop yields and, at the same time, more efficiently use water, energy, fertilizer, and labor more sustainably.
KEY QUOTES:
“Cove Fund is excited to participate in GroGuru’s financing. We believe that GroGuru’s proven platform, including the industry’s only wireless soil monitoring technology and deep analytics, will change the way farmers manage their water usage, decreasing their costs, improving their yields, and saving water for the environment.”
— Paul Voois, fund manager at Cove Fund
”With over four years of commercial deployment of its breakthrough Wireless Underground System, WUGS, GroGuru is the only proven in-ground permanent sensor option for year-round automated water management. We believe that GroGuru has developed a unique and highly scalable solution to help farmers drive higher crop yields and conserve water, in a world that needs more focus than ever on food security and water conservation.”
— Ben Strom, a venture partner at Impact Venture Capital
“GroGuru has moved beyond adoption by innovators in the farming market into the mainstream, and we continue to expand our market penetration with over 200,000 acres under management, existing customers representing over one million deployable acres, and our market channel footprint over 20 million acres. This round of financing provides much needed capital to continue to drive market expansion of our solutions.”
— Patrick Henry, GroGuru’s president and CEO
