Agworld Secures AU $6 Million Series C Financing, Expands into North America
PERTH, Australia, August 11, 2014-- Agworld, Australia's leading information management and cloud collaboration software for the agricultural industry, today announced it raised an AU $6 million Series C round of financing led by Reed Elsevier Ventures with participation from existing Agworld investor, Yuuwa Capital. The funding, which brings the company's total equity raised to AU $12 million, will be used to support its expansion into the North American agricultural market while continuing to enhance the core Agworld product offering across the value chain for the Australian market.
"Agworld's tremendous success in Australia reflects the rapidly changing future of farm production," said Tony Askew, General Partner of Reed Elsevier Ventures. "We are very excited to help Agworld expand into the US market so that farmers and agronomists around the world can harness the value of their farming data with Agworld's leading mobile and cloud technology."
Agworld provides a centralized software platform for each participant involved in the crop production process, allowing for real-time collaboration and management of critical information, activities and recommendations throughout the crop production cycle. Agworld's extensive features include decision-making tools such as comprehensive crop production plans, geospatial data interrogation, agronomist recommendations, and financial and crop performance reporting. "It's all about farmers and their service providers understanding the core risks and opportunities for their business in the context of that specific location and farm entity," said Doug Fitch, CEO of Agworld.
"As the venture capital arm of one of the largest global data and information solutions companies, Reed Elsevier Ventures is an ideal investment partner for Agworld, bringing with them extensive knowledge of the big data industry and fast moving SaaS business models," said Doug. "This infusion of capital allows us to remain at the forefront of the agricultural information management and big data markets, while we continue to change the way growers, advisors and suppliers capture unique insights to improve farm operations."
For more information, visit www.agworld.com.au.
Founded in 2008 in Perth, Western Australia, Agworld is Australia's leading information management and cloud collaboration software for farmers and agronomists. Agworld is used by more than 12,000 farmers in 5 countries, tracking performance over 35 million acres of cropland. Our mission is to help the world's farmers large and small, to grow in production and profitability while achieving economic and environmental sustainability.
About Reed Elsevier Group plc
Reed Elsevier Group plc is a world leading provider of professional information solutions. The group employs approximately 28,500 people of whom half are in North America. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV; the combined market capitalisation of the two parent companies is approximately GBP 18bn/EUR 22bn. Their shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.
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