July 9 (SeeNews) - Bulgaria-based smart farming solutions startup Ondo Solutions said it attracted an investment of 1 million euro ($1.2 million) in a funding round led by local venture capital fund Eleven Ventures.
Ondo Solutions is already a part of the portfolio of Eleven, which led investors in the first funding round of the company in April 2020 as well.
You can download the 2023 Agriculture industry in Southeast Europe report here
The biggest investor in the new seed round is Sofia Angels Ventures, a venture capital fund backed by the European Investment Fund and business angels, family offices and other private investors and funds, Ondo Solutions said in a statement earlier this week. The farming solutions provider is the first company in Bulgaria that Sofia Angels Ventures decided to invest in, Ondo Solutions added.
The other new investors who joined this round are BrightCap, MFG Invest, HR Capital and Bulgarian entrepreneur Georgi Zahariev, Ondo Solutions said.
"After our first investment and seeing the successful integration of Ondo in a number of farms, which practically proved the efficiency of the solutions offered by the company, it was a natural follow-up step to be the lead investor for the next investment round. To us Ondo is a showcase for all positive signs we are looking at when evaluating whether or not to invest – on one end, a well-bonded and very experienced team, who is listening to advice we give, on the other end – an excellent product on a huge market, in a sector that is of particular interest to us – the so-called “Future of Food” as we name it in our team," Ivo Simov, partner in Eleven Ventures, said in the statement.
This new investment will help Ondo develop its partner network of system integrators and resellers, grow its platform, boost sales in all countries from the Balkan region and enter other international markets, including some of the most developed markets for precision farming and farming automation solutions such as the Dutch and the French markets,Ondo Solutions CEO Ilia Iordanov said in the statement.
The solutions offered by Ondo have been installed and are successfully working in greenhouses and open fields of over 15 farmers in Bulgaria and North Macedonia. The company has successfully accomplished its planned pilot projects, developed its software platform, as well as the hardware solutions, and is now looking forward to positioning itself on the Israeli market.
($ = 0.8428 euro)