TPG Growth has led a Series A2 round investment in Gro Intelligence, a New York and Nairobi-based agricultural data analytics business. The alternative investment giant’s growth equity platform was joined by Data Collective and a group of strategic family offices in backing the firm, the financial details of which were not reported. The fresh funds will be used to support the firm’s product development, recruitment and sales plans.
The investment was sourced via TPG’s strategic relationship with EchoVC, a seed and early-stage venture capital fund which targets investment opportunities in sub-Sahara technology companies. It’s the second deal this year that’s come about as a result of the relationship between the two investment firms, following their participation in Frontier Cars Group’s $22 million investment round in May this year.
“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,” said TPG Africa’s Managing Partner Yemi Lalude, adding that the 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.”
Gro Intelligence was founded in 2014 to solve the problem of analyzing agricultural data which is both complex and unstructured requiring many man hours of analysis to sort and process. THe firm has built a product dedicated to search and predictive analytics for the agriculture sector, synthesizing hundreds of trillions of data points from disparate sources and providing its users with comprehensive, real time support for mission-critical decisions. Beyond aggregating and transforming data, Gro Intelligence 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.