Agros, an agritech start-up based in Singapore, has raised US$2.7 million in a pre-Series A funding round led by Gaia Impact Fund and Schneider Electric Energy Access Asia.
Seed round investor Wavemaker Impact invested again. The round also saw participation from Silverstrand Capital, Circle Capital, and PropertyGuru founder and impact investor Steve Melhuish.
Founded in November 2019, Agros is a pioneer in sustainable agriculture for small and medium- sized horticulture farmers across Asia, helping them to decarbonize and increase their profits.
Its first two products – Agrosolar and Agrosoil – are solving major agriculture problems like fuel dependency and soil degradation. After switching to Agros’ ecosystem, farmers can double their profits from reduced input costs, improved yields, and higher prices from better-quality crops, the company says.
Rising fuel and fertilizer prices have encouraged farmers to switch to more sustainable and efficient practices. According to Agros, this has resulted a four-fold increase in year-on-year revenue growth in 2022. The company currently works with 1,500 farmers across two Asian countries and has increased farmers’ profits by more than US$1.5 million and abated up to 5,000 tonnes of carbon dioxide equivalent.
Agros will use the funds to scale the deployment of its solutions in Cambodia and Myanmar; expand operations into a third country in Southeast Asia; strengthen its leadership team; and develop an app streamlining its value chain. Agros will also leverage its presence in Singapore to attract future investors and venture builders.