FOR IMMEDIATE RELEASE: February 8, 2023
Saskatoon, Sask., Canada – Canadian agriculture technology (AgTech) company Croptimistic Technology Inc. (Croptimistic) has acquired CropPro Consulting (CropPro) and increased working capital with Series B investment from Forage Capital Partners (Forage) of $9.1 million. This investment will be used to fund Croptimistic’s continued research and development efforts.
“Croptimistic is very excited to announce the acquisition of Crop Pro Consulting. The new combined entity will significantly enhance our ability to serve farmers and expand our reach, solidifying our position as the market leader in soil mapping software and hardware.” said Greg Stewart, Chairman of the Board for Croptimistic and Director with the Bank of Canada. Forage Managing Director, Jim Taylor adds, “the acquisition of Crop Pro’s operations and acres under management adds significant scale to the Croptimistic business. It will dramatically accelerate our growth and further establish Croptimistic’s position as the market leader in delivering the world’s most advanced variable rate fertilizer and seed solutions.”
The announcement comes as Forage continues its strong investment in support of one of the fastest growing AgTech companies in the world. Since starting operations in 2018, Croptimistic has shown average growth of 100% year over year. It’s well-known flagship product, SWAT MAPS, creates maps encompassing Soil, Water and Topography (SWAT). Croptimistic currently has 67 company partners executing their business model in four countries with their strongest presence in USA and Canada, they are aiming to deliver the best soil mapping hardware and software system in the world. The SWAT ECOSYSTEM powered by their SWAT RECORDS software offers support, training and connects precision agronomy experts and farmers in a seamless process. In addition to their existing autonomous soil mapping hardware system called the SWAT BOX, the company recently released their newest hardware, the SWAT CAM – an affordable, low cost, camera system that mounts to sprayers and creates crop and weed population maps and performs plant stand counts using machine learning models.
“This new funding has enabled us to keep growing and investing in our software SWAT RECORDS and expand our team in our new office based in Kelowna, BC.” said Derek Massey, Co-Founder and Chief Technology Officer at Croptimistic. “By investing resources in our software we’ll be able to continue to scale and grow our company to meet the needs of our farmers and service providers.”
Recently acquired CropPro, based in Naicam, Sask., was founded and owned by Cory and Shannon Willness. It is the largest farm agronomy consulting company in Saskatchewan and is celebrating its 20th year in business in 2023. CropPro employs 25 professional staff and manages over one million acres of crop consulting and SWAT MAPS precision agronomy services. The business will operate as usual under Croptimistic’s existing farmer services division and territories. The owners receive multiple forms of compensation including Croptimistic shares as part of the transaction.
“We are very excited to have CropPro join our team at Croptimistic and continue to offer the finest precision agriculture tools and services to farmers,” says Cory Willness, CEO of Croptimistic Technology Inc. “Both companies are known for their excellent customer service with an emphasis on trust and integrity, we have always looked out for the best interests of our clients and the industry and will continue to do throughout this acquisition.”
About Croptimistic Technology Inc.: Croptimistic Technology Inc. is an international AgTech company best known for their product SWAT MAPS, a turn-key variable rate solution that prioritizes Soil, Water, and Topography factors of fields for the creation of management zones. Their SWAT RECORDS software powers the entire SWAT ECOSYSTEM of products, all of which are synced with the app for real-time viewing. To learn more about Croptimistic and the SWAT ECOSYSTEM, visit www.swatmaps.com.
About Forage Capital Partners: Forage is Canada’s most experienced team of Ag & Food investors, having managed over $500 million in commitments to the industry over the last 18 years. Forage Capital Ag & Food Business Solutions Fund works to provide its portfolio companies with the stability and flexibility they need to expand and adapt their business models during these challenging times. The fund will invest with creative business owners that are looking to capitalize on new and innovative opportunities that will emerge as the Canadian economy recovers and prospers.
For more information on Forage Capital Partners, visit www.foragecapitalpartners.com.
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Croptimistic Technology Inc.