Bulgaria's Webit invests $500,000 in U.S.-based BeeHero

The new investment enhances Webit's portfolio, diversifying it geographically across Europe, the U.S. and the Middle East, and in high-growth sectors such as food, agriculture, education, healthcare and furniture, with a focus on Artificial Intelligence (AI) and sustainable development, the venture capital firm said in a bourse filing.

BeeHero provides Precision Pollination as a Service (PPaaS), installing proprietary sensors in gardens and fields to gather data on bee activity, weather and other pollination factors. Using AI and machine learning, the platform analyses the data to offer actionable insights to farmers, including crop management recommendations, yield forecasts and ecosystem health information. The service helps farmers optimise yields, improve crop quality and mitigate risks of crop loss due to poor pollination.

BeeHero, founded in 2017, operates over 200,000 hives on five continents and is the largest precision pollination provider in the world, Webit said. The company has booked revenue growth of over 270% annually for the past three years, with 2023 subscription revenue exceeding $44 million.

The company is headquartered in California, with a research and development centre in Tel Aviv, Israel, and has raised $64 million in funding.

BeeHero plans to introduce premium solutions for beekeepers, such as insurance and working capital, along with price risk hedging solutions for bee-pollinated commodities.

Earlier this month, Webit said it invested 200,000 euro in French medical device company InHeart.

Shares in Webit Investment Network last traded on Wednesday when they closed at 0.765 levs ($0.42/0.39 euro) on the BEAM growth market of the Bulgarian Stock Exchange, bourse data show.

($ = 0.9234 euro)