Estonian precision agriculture startup Paul-Tech raises €1.4M
Paul-Tech, an Estonian startup specializing in precision agriculture, has raised €1.4 million in a seed round. The funds will be used to expand into the UK market and advance the product offering. The round was led by Estonian fund Superangel, with participation from SmartCap, Honey Badger Capital, the Estonian Business Angels Network (EstBAN), Tatoli AS, Overkill VC and business angels from Sweden.
Paul-Tech’s agricultural platform combines proprietary sensors, born out of multiple generations of research, with data analytics, allowing farmers to engage in more efficient management practices. Unlike traditional precision farming methods that rely solely on optical data, Paul-Tech’s technology evaluates the effectiveness of fertilizers in the soil and provides farmers with insights on when they are running low or need to be replenished. “Our unique soil-based approach provides recommendations based on real-time soil data from the customer’s fields, weather and satellite data, as well as agronomic knowledge,” stated Mikk Plakk, CEO and co-founder of Paul-Tech. “As a result, farmers are able to increase crop yield whilst reducing its ecological footprint.”
“Paul-Tech serves as an excellent example of a company that not only provides data-driven services crucial for agricultural enterprises but also significantly contributes to reducing the environmental footprint of the sector. Paul-Tech’s services help agricultural businesses lower water and fertilizer usage, thereby preserving soil, the environment, groundwater, and ultimately human health and biodiversity,” stated Sille Pettai, Fund Manager and member of SmartCap’s board. “SmartCap’s involvement in the funding round is therefore a logical step, together with other strong investors, creating even better conditions for the company’s growth and entry into new markets.”
Today, Paul-Tech’s platform is used already by over 100 farmers from Estonia, Finland, Sweden and the UK. “In the light of growing environmental, societal and economic pressure, sustainable practices are more crucial than ever. Paul-Tech’s commitment to reducing water wastage, minimizing CO2 emissions, and enhancing crop production aligns seamlessly with our investment philosophy of intersecting sustainability and technological innovation. We are excited to support Paul-Tech in driving positive change within the agricultural sector and creating lasting value” says Marko Oolo, partner at Superangel.
Paul-Tech is a science-based agricultural platform enabling farmers to improve management processes based on real-time soil data. The company uses soil sensors, which have been built based on generations of research, to measure the effectiveness of fertilizers in the soil and provide farmers with insights on when they are running low or need to be replenished. The company was founded in 2019 by Mikk Plakk, Tiit Plakk, Eve Plakk, and Anu Einberg.
SmartCap Green Fund focuses on fostering investments into startups whose activities help to solve environmental problems and achieve the set climate goals. SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds.