12 °c
London
Saturday, August 13, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Kenya’s Gro Intelligence raises $85M Series B funding round

Staff by Staff
January 13, 2021
in Africa, Capital Markets, Data, Finance, Investing, Startup, Venture Capital
Reading Time: 2 mins read
827 17
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Kenya-founded data analytics company Gro Intelligence has raised a US$85M Series B funding round, by some way the largest funding round ever raised by an African tech startup, to accelerate the growth and global adoption of its platform.

Founded in Nairobi in 2014 and now also with offices in New York, Gro Intelligence is an AI-powered insights company that provides decision-making tools, solutions and analytics to the food, agriculture, and climate economies and their participants.

The Gro Intelligence platform aggregates, normalises and models complex data to illuminate the inter-relationships between food, climate, trade, agriculture, and macro-economic conditions, integrating over 40,000 data sets and processing north of 650 trillion data points for customer segments that range from governments to financial institutions, agricultural input companies, retailers, food and beverage companies, and various other industry participants.

Its US$85M Series B round, which by Disrupt Africa’s estimates and definition of an “African tech startup” is the largest yet raised within the African tech startup ecosystem, was co-led by Intel Capital, Africa Internet Ventures (a strategic partnership between TPG Growth and EchoVC), and the family offices of Ronald Lauder and Eric Zinterhofer.

Other new investors included Schusterman Family Investments, Dick Parsons, Rethink Food and various strategic family offices, while they were joined by previous investors DCVC and GGV Capital.

The financing will be used to accelerate the growth and global adoption of the Gro Platform, enhancing the platform’s machine-learning capabilities and delivering localised insights on food, agriculture and climate risk.

Also read: Top African startups to watch out for in 2021

“Food security and climate risk represent existential global-sized opportunities for our AI-powered decisions and insights platform. We see a tremendous need for the market knowledge provided by the Gro Platform,” said Sara Menker, Gro’s founder and chief executive officer (CEO).

“Our customers have come to rely on Gro as a unique source of actionable data-driven insights about our food supply and models to measure and manage associated climate change risk to physical and financial assets across the globe. We are absolutely delighted to welcome our new investors and continue to be grateful to our existing investors for their support.”

Trina Van Pelt, senior managing director of Intel Capital, said she was excited to co-lead the investment round because Gro Intelligence’s technology aligned with her company’s mission of unleashing the power of data to improve the world.

“Gro Intelligence is one of the most exciting AI companies and is tackling two of the world’s biggest challenges: food security and climate risk. Their software-based platform will drive compute-powered cross-border knowledge to surface meaningful insights and enable better informed agricultural decisions,” she said.

Through its partnership with EchoVC, TPG Growth also led Gro’s Series A-2 financing round in 2017.

“Gro Intelligence has had a remarkable journey so far and demonstrates the growing importance of AI in driving a more sustainable food supply,” said Yemi Lalude, managing partner of TPG Africa. “TPG Growth is proud to have supported the company from its beginnings in Nairobi to the forefront of today’s efforts to make companies and institutions across multiple industries around the world more resilient to climate change and climate risk.”

Source: Disrupt Africa

Related

Tags: African startupscapital marketsFundingfunding roundInvestingKenyaKenya's Gro Intelligence raises $85M Series B funding roundSeries BStartupStartupsventure capitalкенияكينياケニア肯尼亚
ScanSendShare338Tweet211Share59Pin76Send
Staff

Staff

Related Posts

Culture

Meet 3 Richest African Immigrants in the US Millionaires Club

by See Africa Today
August 13, 2022
Culture

7 Africa’s Longest Serving Presidents

by See Africa Today
August 13, 2022
Economy

Mozambique’s 22% tax cuts among 20 measures for economic acceleration

by The Exchange
August 13, 2022
Tech

NFTs and blockchain crucial in concept of an African Metaverse

by Web3Africa
August 13, 2022
The new currency notes in Ethiopia
Finance

Development Bank of Ethiopia to provide 10 Billion Birr loan for SMEs

by FurtherAfrica
August 12, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Culture

Meet 3 Richest African Immigrants in the US Millionaires Club

by See Africa Today
August 13, 2022
0

The US is always a top choice for immigrants, and it remains unchanged for decades, giving existence to the richest...

Read more

7 Africa’s Longest Serving Presidents

August 13, 2022

Mozambique’s 22% tax cuts among 20 measures for economic acceleration

August 13, 2022

NFTs and blockchain crucial in concept of an African Metaverse

August 13, 2022
The new currency notes in Ethiopia

Development Bank of Ethiopia to provide 10 Billion Birr loan for SMEs

August 12, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,392 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?