Australia’s chance to lead in climate tech: Regrow raises $50 million & More News Here

When agtech startup Flurosat was based in 2016, it was headquartered in Eveleigh, New South Wales. Since then, the enterprise acquired Australian ProductionWise in 2018 and US Dagan in 2021, rebranded itself as Regrow, and relocated to the US. 

Hot on the heels of the US$17 million ($24 million) Series A funding it raised in August final yr, the startup has now raised US$38 million ($50 million) and exhibits no signal of slowing down. 

In truth, after chasing practically 100% development in the final yr, Regrow is simply getting began: whether or not it’s hiring or increasing its footprint in present markets and venturing into comparatively new territory. 

With agtech slated to develop into Australia’s subsequent $100 billion business by 2030, it’s no shock — and well timed, too, provided that meals safety, in the face of a quickly warming and altering climate, is changing into an more and more scorching button situation.

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The latest floods in Queensland and NSW and the corresponding affect on grocery store payments are latest examples of climate change at work. This is the place resilient agriculture can come in and the place firms like Regrow are altering how agricultural methods are managed. 

Working with each farmers and firms, CEO and co-founder Anastasia Volkova explains that Regrow’s software program platform gives science-based options for each teams to decarbonise and construct sustainable agricultural practices.

Farmers in Australia and New Zealand have been among the earliest adopters, with giant US firms like Cargill, Kellogg’s and General Mills now working carefully with Regrow to guarantee sustainability proper alongside the provision chain. With meals manufacturing accountable for a quarter of the world’s greenhouse gasoline emissions, agtech couldn’t come sooner.  

Australia, nonetheless, has some catching up to do. The agricultural business accounts for 2.2% of the financial system, whereas the gross worth of Australian agriculture was $61 billion in 2019 to 2020. In truth, throughout this time interval, reigning drought circumstances decreased complete worth of crops by 5%.

As Volkova notes, nonetheless, agtech has fallen behind the curve in Australia — to the purpose the place Regrow had to re-profile and transfer to extra progressive markets just like the US. 

“Australia needs to regain their position and become a climate leader,” Volkova informed SmartCompany. 

“They have the brainpower and they are now in a position to take on this opportunity, not merely within agtech but also renewables and hydrogen technology. It has the potential to transform itself from exporting primary goods to exporting technology. I’m hopeful, but a lot of strong steps need to be taken urgently to secure that position.”

With the new Labor authorities pushing for a 43% emissions discount by 2030 and larger reliance on renewable power, Australia might lastly be poised for transformation. But Volkova says Australia wants the suitable agenda and “government support, or at least the removal of barriers” permitting extra startups and small companies to take up the problem and reposition the nation in the climate combat.  

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