NEW YORK & NAIROBI, Kenya & FORT WORTH, Texas & SAN FRANCISCO--(BUSINESS WIRE)--Gro Intelligence, the New York and Nairobi-based agricultural data analytics business used by investment professionals, major corporations, governments and international organizations around the world, today announced its Series A-2 financing led by TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. TPG Growth was joined by Data Collective and strategic family offices.
Founded in 2014, Gro Intelligence has built one of the world's most sophisticated products dedicated to search and predictive analytics in agriculture. Gro collects and synthesizes hundreds of trillions of data points from disparate and often previously unavailable sources, providing users unique, comprehensive, and real-time support for mission critical decision-making and operations. Beyond aggregating and transforming data, Gro has developed new analytical tools, algorithms, and predictive models, marrying domain expertise with machine learning to allow users unprecedented current and future insights into the global food and agriculture industry.
“Gro Intelligence is reimagining how data can be used in global agriculture,” said Sara Menker, CEO and Founder of Gro Intelligence. “Agricultural data is complex and messy, historically requiring teams of analysts and huge amounts of time to sort and process. Our product solves this problem and simultaneously opens up a level of analysis previously unavailable to entire sections of the agriculture supply chain. Gro offers unparalleled insights and predictive analytics for our customers. We want to be a leader in the $5 trillion global agricultural industry.”
“TPG Growth has a track record around the world of identifying and building disruptive, market-leading companies,” said Yemi Lalude, Managing Partner, TPG Africa. “Gro Intelligence is transforming how data is used across the agricultural sector and is a natural partner for TPG Growth, given our experience with companies specializing in data, analytics and machine learning. This deal highlights the rich opportunities that exist to invest in early-stage technology companies that have a presence in Africa but can also operate successfully on a global level.”
The system developed by Gro Intelligence responds to a shortfall of reliable agricultural data globally. Access to accurate, well structured, and current data has the potential to increase agricultural productivity and eliminate inefficiencies. The need for reliable data is only set to increase. In the next decade alone, the world needs to produce an estimated 214 trillion additional calories to feed a total population of 8.3 billion.1
TPG Growth’s investment was sourced through its strategic relationship with EchoVC, the seed and early-stage venture capital fund that targets early to growth-stage deals in the technology sector in sub-Saharan Africa. This is the second investment made pursuant to this relationship this year, following the investment into Frontier Car Group in February 2017.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com.
About Gro Intelligence
Gro is a data product that enables the discovery and analysis of an unprecedented amount of information in the global agriculture industry. Gro collects and synthesizes trillions of data points from disparate and previously near impossible to use sources, allowing users to paint a clear, comprehensive, and timely picture of the factors influencing the agricultural commodity they are interested in. From traders investing in wheat, procurement teams buying sugar, credit institutions lending to soy producers, and policymakers creating strategic plans, Gro enables actors throughout the agriculture-ecosystem to use data to make informed decisions.
1 United Nations DESA, 2017 Revision of World Population Prospects, https://esa.un.org/unpd/wpp/Publications/Files/WPP2017_KeyFindings.pdf