Leaf Agriculture raises $11.3m in funding to drive digital transformation in agriculture

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Rafaela Sousa

6 August 2024

Funding & Investments

Leaf Agriculture raises $11.3m in funding to drive digital transformation in agriculture

Leaf, a unified farm data API and data processing platform, has raised $11.3 million in a Series A funding round led by Spero Ventures.

The funding round also included participation from all existing investors.

Leaf plans to use the new funds to broaden its range of products and establish new partnerships. The company is also focused on enhancing its API and investing in operational growth to support both its product and team expansion.

According to the company, data usage in US farming has grown significantly, with 72% of farmland under data collection in 2023, up from 33% in 2013. This increase has enhanced yields but also introduced challenges in data management.

Traditionally, companies in the agriculture sector, including those in crop insurance, biotech and agtech, had to invest heavily in building extensive data infrastructure to handle information from various sources like weather, irrigation and machinery. Leaf said that it emerged to address these challenges by offering a single unified API, simplifying data access and management. This allows companies to focus on innovation and value creation rather than the complexities of data integration.

G. Bailey Stockdale, Leaf's co-founder and CEO, was inspired to create the platform after experiencing firsthand the difficulties of connecting agricultural data while working on his family’s farm. Leaf's solution has drawn parallels to other industry disruptors like Stripe and Twilio, offering specialised infrastructure that streamlines processes for businesses.

Tyler Aring, assistant VP of crop technology at AgriSompo, said: “We chose to work with Leaf because of the efficiency multiplier for processing precision agriculture data. Working with Leaf allows our internal resources to focus on our agents and producers while cost-effectively allowing us to scale our precision agriculture usage. We are looking forward to expanding our capabilities through our partnership with Leaf."

Andrew Parker, general partner at Spero Ventures, added: "Leaf’s mission of using technology to improve the lives of everyone involved in the farm and agriculture business resonated deeply with our mission. As lead investors, we see Leaf as a driving force in agricultural technology, enabling agricultural service providers to deliver value to farmers on a broader scale. We're thrilled to be part of this journey and bring our B2B SaaS experience to support Leaf’s growth."