Agtech Ucrop.it Secures $3.1 Million
Ucrop.it, a digital platform that offers value and traceability to sustainable agricultural practices, recently revealed that it had raised $3.1 million in a fundraising round that was among others led by Yugen Partners and The Yield Lab Latam.
These resources will aid in the agtech’s regional and American expansion. Between Argentina, Uruguay, and Paraguay, ucrop.it recorded one million hectares for the 21/22 crop year.
Diego Hoter, the CEO and founder of the business, claims that they aim to cover five million hectares this year, including Brazil and the US.
Using blockchain technology, the Argentine company has created a digital platform to track and document every production and agronomic event from planting to harvest.
The final crop “dossier” serves as a valuable resource for a variety of commercial applications, including traceability of input quality, sharecropping and grain origination, growers’ trade finance, environmental compliance, and sustainability impact, among others.
Connecting them to value chain participants who are interested in recognizing sustainable practices is the next step.
Meeting rooms are available on ucrop.it for this reason so that “producers can view all the agreements that apply to their crops and lands and the possible profit corresponding to these agreements.”
W. Scott Stornetta, a partner at Yugen Partners/Harris Investment Group and one of the inventors of the technology that gave rise to cryptocurrencies and blockchain, is responsible for the current investment boom. In the company’s Creative Destruction Labs Blockchain Stream program, he served as a mentor for Ucrop.it.
