Agreed Earth, an agritech company that helps farmers reduce their reliance on nitrogen through regenerative farming, has received an investment from Regenerate Ventures.
Agreed Earth uses remote sensing technology to accurately generate an auditable health index, based on the usage of nitrogen containing chemicals.
This means farmers who use the platform can monitor their progress towards operating a lower nitrogen farm.
It also allows banks to lend to farmers more easily by reducing the risk associated with their loan books, as farms are less likely to go bankrupt in the long-term.
The service enables banks to comply with the sustainable disclosure requirements (SDR) imposed by the Financial Conduct Authority.
Agreed Earth also provides education and best-practice advice on how to reduce costs by using less nitrogen-based fertiliser and transitioning to regenerative practices.
According to the agritech firm, the new funding will be used to develop reference clients in the UK, where the addressable market for their services is estimated to be £800m.
The latest round of funding was led by Regenerate Ventures, which specialises in investing in firms that have technologies to help farmers produce food with less impact on the environment.
Paul Rous, managing director at Regenerate Ventures, said Agreed Earth had combined a unique set of technologies and knowledge, including satellite data and data analytics, to provide the solution to a ‘massively misunderstood issue’.
“Everyone wants to reduce the greenhouse gases emitted by farms, but the focus has been on methane from cows and CO2 from machinery.
“Nitrous oxide from fertilizers constitutes 55% of the problem, but it has been ignored.”
He added: “Well-targeted money is essential to driving the changes that will transform agriculture and save the planet, and Agreed Earth will help free it up”
Kelly Price, co-founder of Agreed Earth, said the firm was ‘passionate’ about supporting farmers as they transitioned to more sustainable farming practices.
“Our core team has combined knowledge of soil science, satellite technology and change management to a develop a platform that spans two very different industries, farming and banking.
“We needed a funding partner with an intimate understanding of both. Regenerate Ventures fitted that description, and we are delighted that they will help us achieve our mission.”