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Australia : AGWORLD raises $6M from VCC

August 12, 2014

Laying the foundations to enter the US market, a new agriculture software company in Perth, Agworld has raised $6 million from a venture capital company.

San Francisco'sReed Elsevier Ventures invested most of the money, in what according to CEO Doug Fitch was one of the single largest investments in an agriculture-focused tech start-up seen in Australia.

Agworld said it was its maiden serious entry into the industry.

The agriculture firm, which staffs 30 software engineers at its Leederville offices, makes web and mobile management software for farmers and agronomists.

Fitch is said to have about half of WA's 5000 grain cultivators on its books.

Fitch said building the technology required was costly and the investment provided the "horsepower" the Agworld needed.

Speaking from California, where he was meeting investors, he added : "To really begin to change the way agriculture operates and stand alongside the farmer, lift and assist in what they're doing, you've got to have some serious backing behind you. Now we can finish off products on the way and launch new ones."

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Source: TendersInfo (India)

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