Hackney based farmtech company reaps research and development success
A farmtech company called Agrivi based in Hackney is on a mission to change the world with some great new farm technology. Although only a few years old Agrivi’s investment in research and development has paid off as Agrivi Farm Management is now considered to be the most complete farm management software tools in the world, with products in 150 countries.
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How did a small start-up in 2013 get to this stage of recognition and development so quickly I hear you ask? It an interesting story built on a clear need, hard work and getting the right level of financial backing at the right stage.
Agrivi was started in Croatia in 2013 by Matija Zulj who had a pest control problem with his Blueberry farms. Like most businesses, Agrivi started by trying to find the solution to one problem but created something much bigger which is now in demand around the world.
Agrivi incorporated as a UK company in 2014 and has created a complete farm management software which now includes (Source: AgFunder News):
In the process they won the World Start-Up Competition in 2014 because of the progress they had made.
Agrivi started out with Euros 165,000 of Angel Financing in 2013 but has advanced to raising Euros 1 million in July 2016 from Southern Central Ventures. With the extra finance the Company is on a path to go on a “great mission to solve some of the world’s biggest challenges by helping farming industry become technology advanced and more efficient”. (Source: AgFunder News)
Agrivi were also successful in securing collaborative research and development funding under an Innovate UK funding competition in 2013 (Engineering Solutions to Enhance Agrifood Production) with the project running up to the end of August 2017.
Considering that food demand is set to double by 2050, there is a huge need for farmtech products that can help drive up farm productivity and improve food source traceability.
Agrivi are testimony to the opportunities that exist for those with a research and development idea that is focused on a clear industry need – in their case it was farmtech but there are similar success stories in other industries.
Like Agrivi, start-ups with ambitions usually need to tap into a mix of funding sources such as Angel investors, Venture funds, Grant funding and bank loans. Once you have raised funding and are spending it, there are also UK Government tax incentives such as Research and Development Tax Credits, RDAs and Patent Box.
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