Last year, we joined private equity leader TPG as an investor in Brazilian farm operations management startup Solinftec, which we called at the time “the most successful agtech company no one has ever heard of,” writes Rob LeClerc at AgFunder News. When we invested, Solinftec was operating on about 50% of Brazil’s sugarcane acreage, they had just started to adapt their solution to soybeans and other row crops with, and they had some early ambitions to enter the US market.
Fast forward a year, and Solinftec has earned the title of being one of the most successful agtech startups in the world. They’re expecting revenue to double this year and the company is operating on about 65% of Brazil’s sugarcane. And what started as a small pilot in soybeans, has grown to a business operating on over 5 million acres, nearly 6% of the Brazilian market. The company converts about 92% of customers from pilot to full customers, and they’ve had 0% customer churn. This kind of customer retention is something you just don’t see in the farm management space.