May 15, 2024

AgriWebb secures US$7.2 million to enhance livestock management and sustainability efforts

AgriWebb, an Australia-based provider of beef cattle production software, has announced the successful close of a US$7.2 million funding round, which was oversubscribed by 30%, Beef Magazine reported.

The round saw robust participation from both existing and new investors, reinforcing AgriWebb's dominance in the livestock management and sustainability data space. Currently, the platform manages over 23 million head of livestock across more than 150 million acres, equating to over US$500 billion in agricultural assets in 18 countries, with a strong presence in Australia, the UK, the US, and Brazil.

Despite challenging macroeconomic conditions that impacted the SaaS (Software as a Service) industry in 2022 and 2023, AgriWebb has shown strong growth in Annual Recurring Revenue (ARR), client base expansion, and margin improvement. The volatility in global cattle and meat commodity prices highlighted the company's resilience and strategic agility.

AgriWebb has emerged as a key player in the agriculture sector's sustainability efforts. As a primary source of sustainability data and rancher change management, AgriWebb has launched the world's first beef sustainability programs in collaboration with major global food companies, including McDonald's, USDA's Climate Smart Commodities collaborations, and a strategic partnership in Brazil with Cargill. These partnerships focus on scaling the AgriWebb platform to enhance rancher efficiency and productivity while providing critical data for reducing emissions in the beef supply chain.

The latest funding round attracted increased investments from key backers such as Germin8 Ventures, Grosvenor Food & AgTech, and Telus Ventures, along with new investment from the listed Swedish industrial company, Munters Group. Munters, a global leader in sustainable air treatment and climate solutions, has recently increased its commitment to its FoodTech Business, aiming to build an ecosystem of digital solutions to support a more responsible food production value chain.

The funds will be used to enhance AgriWebb's platform capabilities, particularly in connecting on-farm data with global food brands and retailers. This connection is crucial for meeting new regulatory demands, such as the EU Sustainability Green Deal and California's SB253 reporting, alongside the Science Based Targets Initiative through the Greenhouse Gas Protocols. It also helps farmers and ranchers implement and monitor sustainable practices effectively.

-      Beef Magazine