Study: Ag Tech Investments Double In 2015 Despite U.S. Farm Slump

Investments in agriculture technology startups surged to a record $4.6 billion in 2015 despite a steep drop in U.S. farm income and slumping profit at farm-affiliated companies such as machinery producers and seed makers, reports Karl Plume on Reuters.com.

The investments were nearly double the $2.36 billion seeded by venture capitalists and others in 2014, according to the annual report from online food and agriculture investment platform AgFunder.

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The jump came as net U.S. farm income is projected to drop for a third straight year and as industry stalwarts such as equipment maker Deere & Co and seed and agrochemicals company Monsanto Co. face slumping sales and job cuts.

“There’s definitely been a downturn in the broader market, but ultimately the direction of agriculture is going toward an more technologically driven future,” said AgFunder CEO Rob Leclerc.

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Read the full story on Reuters.com.

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