Farmitoo raises 2.5 million euros to increase profitability and engage in the agricultural sector

Farmitoo raises 2.5 million euros from long-term investors to increase profitability and expand its presence in the agricultural sector. The startup connects producers with farmers and offers over 200,000 products via its online platform

Paris, October 17, 2023 - The online platform Farmitoo has successfully raised 2.5 million euros in a capital increase from long-term investors. This capital will be used primarily to increase the company's profitability and to explore mergers and acquisitions in the agricultural sector to strengthen the company's presence.

Farmitoo, founded in 2017 by Mathilde Lefrançois, Grégoire Casoetto, Pierre Ducoudray and Denis Fayolle, has established a strong position in the European market for agricultural supplies. The company works with a large number of manufacturers in Europe and sells agricultural equipment directly to farmers via its online platform. This direct connection to manufacturers eliminates middlemen and ensures fair prices for farmers.

We are excited about our new round of funding, which will allow us to diversify our offering and continue to provide outstanding service to our agricultural customers while actively working to increase our profitability.

Mathilde Lefrançois, co-founder of Farmitoo

With a range of over 200,000 products, Farmitoo connects over 500 agricultural producers with more than 100,000 customers. The company already has a strong position in the agricultural supplies market in France. It facilitates the procurement process for farmers by offering a wide range of products and transparent price information.

The products ordered are delivered directly from the manufacturer to the farmer, saving farmers an average of around two days per month compared to conventional procurement. The Farmitoo team supports farmers with technical and needs-based advice, from which more than 100,000 European farmers already benefit. Farmitoo works closely with producers to give them access to new markets. The online platform has already enabled 45% of the company's sales partners to open up new markets.

Strengthening existing markets

The latest financing round will enable Farmitoo to expand its international presence and strengthen its existing markets in Germany, Austria and Belgium. In addition, the company is looking at mergers and acquisitions in the agricultural sector to strengthen its market position.

Farmitoo views this financing round as an important step in its corporate development, with profitability and expansion at the forefront. The company plans to continue to work closely with investors, partners and customers to realize its vision of a more efficient and sustainable agricultural sector.