In the largest round ever raised on crowdfunding platform, Eqseed, Brazilian drone agtech startup, Horus, received US$2M from over 400 participants in the round. The investment came out to 11.76% equity in the company through 400 preferred shares.
Horus uses drone technology to map agricultural territory and help farmers make smarter decisions about their land by accessing the information through their smartphones. The startup previously received R$3M (US$733K) from SP Ventures and this was the first crowdfunding process for any of SP Ventures’ portfolio companies.
Said Francisco Jardim, partner at SP Ventures, in the original article for LAVCA:
“The goal is to democratize access to investment in the best technology startups for the field.”
Fabricio Hertz, co-founder and CEO of Horus, commented:
“It was the biggest round in Brazil and the first in an AgTech company. We were evaluating some investment alternatives, and crowdfunding emerged as a very agile and non-bureaucratic way to get funding.”