Ucrop.it, a digital platform that provides traceability and value to agriculture sustainable practices, announced that it raised $3.1 million in a financing round led by Yugen Partners and The Yield Lab Latam, among other.
These funds will help the agtech to expand throughout the region and to the United States. In the 21/22 crop year, ucrop.it registered one million hectares between Argentina, Uruguay, and Paraguay.
According to the company’s CEO and founder, Diego Hoter, this year they plan to reach five million hectares, including Brazil and the United States.
The company, based in Argentina, has developed a digital platform to record and map every production and agronomic event from planting to harvest, using blockchain technology.
The resulting crop “dossier” becomes a key asset for a wide range of business applications such as input quality traceability, sharecropping and grain origination, growers’ trade finance, environmental compliance and sustainability impact, among others.
The next step is to connect them with actors in the value chain interested in recognizing sustainable practices.
For this purpose, ucrop.it has meeting spaces “where producers can visualize all the agreements that apply to their crops and fields and the potential profit corresponding to these agreements”.
The recent investment boost comes from W. Scott Stornetta, a partner at Yugen Partners/Harris Investment Group and one of the fathers of the technology that gave birth to cryptocurrencies and blockchain. He mentored ucrop.it in the firm’s Creative Destruction Labs Blockchain Stream program.
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