LatamList – Instacrops, a Chilean AgTech, raised a $2.8M funding round led by Genesis Ventures, Fundación Chile’s CLIN, and SVG Ventures.
Instacrops is designed to help farmers optimize their crop output. The platform provides real-time insights and advice on weather forecasts, pests and diseases, and optimizing irrigation and fertilizers. Sensors measure the soil, climate, irrigation systems, and plants, delivering the data to the Instacrop app on farmers’ smartphones.
“Many farmers make decisions about their crops based on empirical knowledge, which is often far from accurate. At Instacrops we want to democratize access to technology so that decisions are based on data,” said Mario Andrés Bustamante, co-founder and CEO of Instacrops.
The startup– which is supported by Magical business accelerator –has grown steadily in the market over the past five years. It is currently active across Latin America with offices in Mexico, Colombia, and Chile.
A 2020 Crunchbase report listed SVG Ventures as the most active AgTech Venture Capital firm in the world. Instacrops is the first Chilean startup and only the third in Latin America to receive investment from the firm.
The startup plans to use the funding to accelerate technology development and expand its range of services on the platform. Instacrops is also looking to launch into the United States in the near future.