Farmitoo raises €2.5 million for profitability enhancement and agribusiness engagement

Farmitoo raises €2.5 million from longtime investors to boost profitability and expand presence in the agriculture sector. The startup connects producers with farmers and offers over 200,000 products through its online platform.

Paris, October 17, 2023 - Online platform Farmitoo has successfully raised €2.5 million in a capital increase from long-time investors. This capital will be used primarily to increase the company's profitability and 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 foothold in the European agricultural supplies market. The company works with a wide range of manufacturers in Europe and sells agricultural equipment directly to farmers through 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 ordered products are delivered directly from the manufacturer to the farmer, saving farmers on average about two days per month compared to traditional procurement. The Farmitoo team supports farmers with technical and needs-based advice, which has already benefited more than 100,000 European farmers. Farmitoo works closely with producers to help them access new markets. The online platform has already enabled 45% of the company's distributors to enter new markets.

Strengthening for existing markets

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

Farmitoo considers this financing round an important step in its corporate development, focusing on profitability and expansion. The company plans to continue working closely with investors, partners and customers to realize its vision of a more efficient and sustainable agricultural sector.