McRock Leads $6 Million Series A Financing in Decisive Farming
McRock Capital Corporation, a leading venture capital fund manager focused exclusively on the Industrial Internet of Things (IIoT), announced last week that it has led a $6 million Series A financing in Alberta-based Decisive Farming Corporation, alongside Export Development Canada (EDC). In addition to the new capital raised, EDC and Accelerate Fund converted existing notes as part of the Series A financing.
Decisive Framer is an innovative data management platform with integrated mobile and cloudbased software tools that provides crop farmers and agriculture service providers with precision agriculture solutions to increase profitability.
Decisive Farming’s flagship product, Optimize RX, uses soil analysis and GIS mapping to help farmers efficiently seed and fertilize their crops in an effort to maximize profits. The company’s IIoT cloud-based software app, My Farm Manager, connects key people, service providers and data to manage and optimize the entire farming operation.
“Our family has been in the farming industry for four generations,” says Remi Schmaltz, CEO of Decisive Farming. “When we founded the company in 2011, we understood the profound impact that agronomy, data analytics, and software has on improving profitability in the crop farming industry. The opportunity to partner with McRock, a dedicated IIoT VC fund with experience in scaling IIoT solutions, was an incredible opportunity for our shareholders.”
This is yet another example of how the $350 million seed federal government money that saw the VCAP program grow to $1.4 billion continues to trickle down to innovative companies, this time through the discerning IIoT screening filters used by McRock Capital. According to CVCA’s InfoBase, this round equals McRock’s largest single investment in an IIoT company since their 2015 stake in Invixium.
McRock is not alone in funding promising agribusiness companies. Based on preliminary Q3 2016 data (final results will be out in the second week of November), $153 million in VC investment dollars flowed into agribusiness companies which is 362 per cent greater than last year.
“Over the past five years, we have seen overwhelming evidence that the agricultural sector is leading the charge in the adoption of IIoT solutions,” says Whitney Rockley, Co-founder and Managing Director of McRock Capital. “The crop farmers’ positive response to Decisive Farming’s solutions, combined with the company’s impressive revenue growth and efficient use of equity, makes this an exciting addition to our investment portfolio.”
As part of the financing, Whitney Rockley, Co-founder of McRock Capital, will join the Decisive Farming Board of Directors.