Farmbot and its US subsidiary company Ranchbot Monitoring Solutions have closed a $4.6 million bridge round to help support the expansion plans in the US.
The round, which was initially targeting $3 million, saw participation from existing shareholders Telstra and Macdoch Ventures, alongside numerous new investors – including high-net-worth individuals from the US ranching sector.Co-founder and managing director of Farmbot, Andrew Coppin, plans to utilise the investment to fund Farmbot’s next growth phase. Farmbot aims to expand its offering beyond water management to include tools for broader farm infrastructure and natural capital assets like soil, pasture, and biodiversity.
Growth rate
“Combining this capital with our impressive team in both Australia and the US will be instrumental in accelerating growth in the farming and ranching sectors.” Coppin said. Farmbot is striving to maintain a 100% year-on-year growth rate with over 20,000 sensors in the field, demonstrating significant demand. Farmbot is proud to currently support over 3,500 farms and stations across Australia.
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