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KARNOTT, THE AGTECH STARTUP, RAISES 2,5M€ TO BOOST ITS INTERNATIONAL DEVELOPMENT
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Founded in 2016 by two entrepreneurs form the French city of Lille, Alexandre Cuvelier and Antoine Dequidt, Karnott has been disrupting the agricultural market for two years with its connected meter designed and manufactured in France. After a first 1M€ round last year, Karnott has raised further money from two venture funds: Partech and Leap Ventures. Karnott, a rising agtech star, aims to accelerate its expansion in Europe to confirm its status as leader of real-time tracking of agricultural equipment.
Antoine Dequidt further explains the company’s ambitions: “The interest we generated since the marketing launch confirms that our solution answers a real need and the new issues of agriculture. With this funding round, one of our ambitions is to export our French know-how internationally”.
Alexandre Cuvelier added: "For several months now, we have had a team member in Canada who has been analyzing the market and building our first commercial contacts. We will also crack the European market in autumn by initially targeting the following countries: Italy, Spain, Germany and the UK. The money raised will help us accelerate the development of the company and allow us to recruit new talent."
A SUCCESS STORY BORN FROM THE MEETING BETWEEN AGRICULTURE AND DIGITAL TECHNOLOGIES
What sparked the start of the project was the meeting at the Center for Young Companies Managers between Antoine Dequidt and Alexandre Cuvelier. Antoine, farmer and entrepreneur, is used to sharing his agricultural equipment with his neighbor, saving money and facilitating investments. When Antoine and Alexandre talked about the project, they came up with the idea of creating a connected solution allowing to automatically calculate, analyze and archive all interventions made by agricultural equipment thanks to a connected meter (including a GPS and several sensors) linked to a powerful but simple-to-use web app. Farmers do not need their traditional notepads (or “carnet” in French) which are often used in this sector to follow interventions and equipment use. “Karnott” was born…
Since its creation in 2016, the startup has greatly changed. Today Karnott employs 24 team members and intends to grow its team. “We plan to recruit 10 people in the coming months for marketing, business development and customer success”, explains Antoine Dequidt.
THE CONNECTED NOTE BOOK THAT AUTOMATES AGRICULTURAL EQUIPMENT
Fixed on the equipment – tractors, trailers, seeders… - Karnott enables to geolocalize equipment and register the operations carried out in the plot. Compatible with all brands, the connected device is entirely automatic and autonomous. Karnott mainly aims to serve Farm Works Companies, Cooperatives for the Use of Agricultural equipment and farmers, and enables to see all necessary data on the computer screen or the smartphone : time and cost spent on each crop.
· Incubation at Euratech (Lille)
· Marketing of the first meters
· 1st fund raising
· 24 team members
· 800 meters installed
· 2nd fund raising
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Partech is a global investment firm with offices in San Francisco, Paris, Berlin and Dakar. We bring together capital, operational experience and strategic support for entrepreneurs at seed, venture and growth stages across multiple continents, with over $1.2B investment capacity. Investments range from $200K to $50M in a wide range of technologies and businesses for enterprises and consumers, from software, digital brands and services, to hardware and deep tech across all major industries. Companies backed by Partech have completed more than 20 initial public offerings and more than 50 strategic exits above $100M.
Our current portfolio: https://partechpartners.com/companies/
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