Estonian agritech startup Paul-Tech raises €1.4 million to boost soil management solutions. The funding will advance product offerings and fuel UK market expansion.
PaulTech raised €200 000 from EstBAN syndicate during sTARTUp Day business festival this March 2023 and has grown steadily since.
Paul-Tech gives farmers and land managers real-time insights to improve their soil management and has just raised a €1.4 million seed round which will see it advance its product offering and fuel its expansion into the UK market.
The round was led by Estonian fund Superangel, with participation from SmartCap, Honey Badger Capital, the Estonian Business Angels Network (EstBAN), Tatoli AS, Overkill VC and some Swedish angel investors.
Quite the family affair, Paul-Tech’s soil sensors are three generations in the making. CEO Mikk Plakk’s engineering grandfather (the startups namesake) came up with the initial concept which was followed through and brought to fruition by Plakk’s father Tiit. The connection doesn’t stop there. Plakk’s wife Eve, coming from a farming background could see the use of the scientific solution in an agricultural setting, and like a match made in heaven, Paul-Tech’s platform was born.
The startup was founded by Mikk Plakk, Tiit Plakk, Eve Plakk and Anu Einberg. The solution allows farmers and crop growers to farm using more efficient management practices by providing deeper insights from the soil helping them avoid overuse of fertilisers, nutrient-starved land and unnecessary costs.
“Our unique soil-based approach provides recommendations based on real-time soil data from the customer’s fields, weather and satellite data, as well as agronomic knowledge,” says Plakk. “As a result, farmers are able to increase crop yield whilst reducing its ecological footprint.”
Paul-tech has a strong customer base of over 100 farmers in Estonia, Finland, Sweden and the UK.
Referred from Tech.EU
