Posted on 31 March 2022
Canobi AgTech announced today that it has completed a first fundraising round, securing a six-figure convertible debt instrument from leading investors in the Southeastern Ontario & Cornwall areas. These funds will be used to help ramp up sales and distribution worldwide, as well as to continue to innovate new indoor agriculture technologies and grow the company.
This round was spearheaded by Launch Lab AMPLIFY, Kingston, and saw investment from ACCFutures, Cornwall, which holds a contract with Canada’s Regional Development Agencies to deliver the Community Futures Program, as well as members of the Southeastern Ontario Angel Network (SOAN).
“Canobi AgTech is an example of a company looking to scale and our Amplify Program is ideally suited to assist the company as it moves to raise capital and expand markets through this intensive program,” according to Scott Runte, CEO LaunchLab.
ACCFutures chose Canobi because they wanted to support an entrepreneur who is passionate about developing technological innovations in his rural Ontario community. SOAN members saw Canobi’s potential for growth and were impressed by the company’s commitment to building locally-focussed solutions to global issues.
Canobi’s AGRP (Agriculture Resource Planning™) is a seed-to-sale platform that integrates advanced monitoring and automation technology with powerful business planning tools, providing streamlined operations for indoor farmers. Canobi’s innovative technology can help indoor farms reduce their resource usage and grow food more sustainably.
“With the global issues we’re facing today, a paradigm shift towards local food security has become imperative. This leads to other broad benefits: minimizing shipping and handling, picking when ripe, and a shift back to selecting varieties for their nutrition and taste,” says CEO/CINNO Robin Vincent. “We are incredibly excited and proud to be leading innovation in big data technologies that offer farmers real-world value; reducing inputs and maximizing yields.”
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