pexels-farm combine

More than 130,000 farm businesses use its tech

UK agritech business Hectare has raised $20m (£16.7m) to enhance its efforts to streamline the agricultural supply chain and grow into international markets.

The $20m Series A funding, led by existing and private investors, will support the rollout of its digital agricultural supply chain software to trace, transact and transport commodities.

The funds would be used for inventory, trading, logistics and market insights product development, plus expansion into new international markets, it said.

The funding was primarily raised via a private placement on crowdfunding platform Seedrs at a pre-money valuation of £34.6m.

Since its launch in 2015, the group has transacted over $1bn in commodities trading through its technologies. More than 130,000 farm businesses are now using its software.

“Our aim is to solve the invisible problems in the food supply chain by creating connected digital solutions that enable everyone to make small, practical changes – from sourcing grain more locally to digitising paper-based processes like invoicing – to help hit big goals,” said Jamie McInnes, CEO of Hectare.