Just days after launching its latest equity crowdfunding campaign on Seedrs, UK-based online marketplace for the agriculture sector, Hectare Agritech, has successfully surpassed its initial £1 million funding target. The funding round has attracted nearly 545 investors.
As previously reported, Hectare is an agritech company that is focused on exploiting current inefficiencies and deficiencies in the family industry supply chains.
“Hectare is a leading online agricultural marketplace provider in the UK. We’re disrupting outdated traditional trading processes that haven’t evolved into the digital era, and simplifying the way farmers do business in the process. We operate two online platforms, SellMyLivestock and Graindex. Our mission is to make farmers’ lives easier.”
The company is currently offering 5.88% in equity at a £16,005,500 pre-money valuation through the funding round. The campaign’s funds will be used for the following:
- Product development: The company has a pipeline of new products that will further drive online trading on both sides of the business. This includes finishing livestock and grain finance, livestock insurance, hybrid online/physical auctions and a tool to find the perfect breeding match for livestock. Constant improvement of existing products is also key to the company’s business model.
- Marketing: Promoting new products and revenue streams will take up 30% of the investment from this round, with creative campaigns planned throughout 2020.
- People: The company has identified four senior hires and three managerial hires to continue to drive its user growth and monetization, as well as to get ourselves ready for international expansion.
The campaign is currently set to close later this fall.
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