Agricultural data analytics firm, Gro Intelligence, has announced its Series A-2 financing led by TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. TPG Growth was joined by Data Collective and strategic family offices.
Founded in 2014, Gro Intelligence, which is based in New York and Nairobi, has built one of the world’s most sophisticated products dedicated to search and predictive analytics in agriculture. Gro collects and synthesises hundreds of trillions of data points from disparate and often previously unavailable sources, providing users unique, comprehensive, and real-time support for mission critical decision-making and operations.
Beyond aggregating and transforming data, Gro has developed new analytical tools, algorithms, and predictive models, marrying domain expertise with machine learning to allow users unprecedented current and future insights into the global food and agriculture industry.
“Gro Intelligence is reimagining how data can be used in global agriculture,” said Sara Menker, CEO and Founder of Gro Intelligence. “Agricultural data is complex and messy, historically requiring teams of analysts and huge amounts of time to sort and process. Our product solves this problem and simultaneously opens up a level of analysis previously unavailable to entire sections of the agriculture supply chain. Gro offers unparalleled insights and predictive analytics for our customers. We want to be a leader in the US$5 trillion (Ksh 52 quadrillion) global agricultural industry.”
“TPG Growth has a track record around the world of identifying and building disruptive, market-leading companies,” said Yemi Lalude, Managing Partner, TPG Africa. “Gro Intelligence is transforming how data is used across the agricultural sector and is a natural partner for TPG Growth, given our experience with companies specialising in data, analytics and machine learning. This deal highlights the rich opportunities that exist to invest in early-stage technology companies that have a presence in Africa, but can also operate successfully on a global level.”
The system developed by Gro Intelligence responds to a shortfall of reliable agricultural data globally. Access to accurate, well structured, and current data has the potential to increase agricultural productivity and eliminate inefficiencies. The need for reliable data is only set to increase. In the next decade alone, the world needs to produce an estimated 214 trillion additional calories to feed a total population of 8.3 billion.
TPG Growth’s investment was sourced through its strategic relationship with EchoVC, the seed and early-stage venture capital fund that targets early to growth stage deals in the technology sector in sub-Saharan Africa. This is the second investment made pursuant to this relationship this year, following the investment into Frontier Car Group in February 2017.
Gro Intelligence is used by investment professionals, major corporations, governments and international organisations around the world.