Endorsing the maturity, growth, and value of Aussie scale-up, Farmbot Monitoring Solutions, Telstra has made a $2 million investment into the firm’s continued growth and expansion.
Environmental pressures and soaring input costs are seeing a new investment in digital agritech solutions, with farmers having to adapt to the challenges of changing climate and market conditions. This is the third investment from Telstra and this contribution recognises Farmbot’s proven value proposition to help farmers impactfully manage their resources.
What does the investment mean for Farmbot?
Andrew Coppin, Managing Director, Farmbot Monitoring Solutions said this investment will help the business build its momentum both nationally and overseas. “Farmbot is in a steep period of growth, with 2022 seeing new products, including Diesel and Liquid Fertiliser Monitoring, to enable greater management and control of on-farm assets,” Coppin said.
“Overall product sales have increased by 103% over the past 12 months and exports commenced with launch in the US imminent. We are helping oversee the water infrastructure of firms with an estimated 10 million beef cattle and 15 million sheep across Australia. This investment will help us meet our growth plans, to deliver more innovative solutions, local jobs, and expand our customer base across Australia whilst exporting Aussie tech to the US.”
“Our goal is to create efficiencies in the way water is managed to reduce waste and emissions from manually checking water for farmers everywhere, and we look forward to to further our customer base in 2023. We see it as a huge endorsement that Australia’s largest telco continues to invest and see the opportunity and value in our business,” Coppin said.
What does the investment mean for Telstra?
Luke Harwood, Head of Innovation & Managing Director of Telstra’s early stage investment arm, muru-D, said this latest investment aligns with Telstra’s commitment to support connectivity and innovation in rural Australia. “Maximising connectivity and digital innovation in rural Australia is a big priority for us. We’re excited by the opportunities of technology to transform the agricultural industry and contribute to a more efficient and sustainable sector.”
“Investments like this will also help achieve the National Farmer’s Federation’s vision to see farmgate output reach $100 billion by 2030. With Australia’s largest network, leading technology solutions and regional customer base, we see a unique role for muru-D and Telstra to help Farmbot’s continued growth,” Luke Harwood further commented.