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FarmLab seeking investors for Series A funding round to scale tech globally

FarmLab, an agritech startup, is on an ambitious mission to help 1 million farmers sequester 1 billion tonnes of CO2 by 2025, and are now $5 million in capital to scale globally.^

FarmLab Co-founder Sam Duncan presenting on stage
FarmLab Co-founder Sam Duncan

As former Royal Australian Air Force officers, Sam Duncan and Co-founder Shahriar Jamshidi have reaped the rewards of applying the RAAF’s READIT values to their flourishing startup, FarmLab.

The Armidale based startup is elevating its approach to help the world’s farmers better manage soil carbon through improved data and software systems and seeking investors to scale its technology into the US and Europe.

Respect, excellence, agility, dedication, integrity and teamwork have been guiding principles on FarmLab’s agritech journey, which culminated in $750,000 in seed funding in October 2021 led by venture capital firm Artesian, through its GrainInnovate partnership with the Grains Research and Development Corporation (GRDC), and private investor Prove Group.

COMMERCIAL OPPORTUNITY: GrainInnovate - Agtech Venture Capital Fund^

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FarmLab offers an ecosystem of environmental measurement services and software, facilitating the digitisation of on-farm environmental data.
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    Startup or Scaleup or SME

FarmLab Co-founders Shahriar Jamshidi (Left) and Sam Duncan (right) standing in a field
FarmLab Co-founders Shahriar Jamshidi (Left) and Sam Duncan (right)

Farmlab tackling challenges in the measurement of soil carbon

“FarmLab is solving one of the fundamental challenges in the measurement of soil carbon which is a key component driving the uptake of soil carbon projects globally, and we’ve been impressed by the founding team,” said Artesian Director, Robert Williams.

“Our $50 million GrainInnovate fund has a broad mandate to invest in technologies that have the potential to drive the future profitability of Australian grain growers, and we think FarmLab is positioned at the nexus of agronomy and sustainability.”

RELATED: Soil carbon markets: the risks, rewards, costs and complications

Offsetting the impacts of climate change

Twelve years in the RAAF provided Sam Duncan with the opportunity to see first-hand the impact of climate change in South Sudan (East Africa) and the Middle East, which sparked a desire to find a way to offset the impacts on people living in third world countries.

While investigating the potential for better managing soils to mitigate C02 emissions, Sam watched a TED talk by holistic grazing proponent, Allan Savory, who believes that grasslands hold the potential to sequester enough atmospheric carbon to reverse climate change.

RELATED: A smarter farming system thanks to tracking tags and data collection by Smart Paddock

“Allan’s principles sounded so sensible that I thought ‘Why aren’t we all doing this?’ and one of the reasons was a lack of data. At that stage soil tests weren’t digitised, they were quite archaic, and we decided that if farmers had better soil data, they’d manage carbon better.”

In 2016 Sam and Shahriar started FarmLab with the aim of creating a mobile app to enable farmers and agronomists to better sample, analyse and map soil information, using the most advanced soil science and digital soil mapping techniques.

FarmLab team member showing someone the app and a picture of the data and carbon reading in the top corner

SproutX helps accelerate FarmLab’s path to success

In May 2020 FarmLab was selected alongside four other early stage food and agritech startups to participate in the SproutX Accelerator Program. The six-month national accelerator specialises in world-class commercialisation support and catalyses key investor connections to help founders drive business growth and positive impact. This unique experience led to FarmLab’s first investment partner.

Sam explained, “From June to December we went back to the fundamentals to tease out what we needed to do to get people using it and how the business model could work, and that was when we first formalised investment partnerships with Artesian and GrainInnovate.”

The timing was impeccable. In January 2021, NSW beef producers Wilmot Cattle Company sold around half a million dollars worth of carbon credits in the form of sequestered soil carbon to global tech giant Microsoft, giving FarmLab’s soil sampling and mapping technology a major boost.

RELATED: Universal dashboard offers streamlined solution for farmers

Co-founder Sam presenting FarmLab's tech to a conference attendee at his booth

Scrutiny leads to improved soil carbon services

“That was the first major sale of carbon credits from grazing land in Australia and it sparked a lot of scrutiny of how the data was collected and the evidence of collection that justified that level of investment,” explained Sam.

“Producers realised they could monetise sustainable management practices into carbon credits and we were deluged with requests from farmers about whether they should do this. That’s when we engaged CiboLabs and the CSIRO to develop the Soil Carbon Offset Report (SCOR).”

RELATED: Agritech innovators work together to deliver better solutions for farmers

SCOR combined CiboLab’s remote sensing data with CSIRO’s LOOC-C app to estimate a farmer’s eligibility for carbon credits according to their land and farming practices, and FarmLab then expanded the model into a Soil Carbon Services Pack.

There are a range of business models in the rural sector for developing soil carbon projects and they require differing levels of effort and support. FarmLab’s core values are to be local and regional, honest and transparent and work with local agronomists and agribusinesses

Sam Duncan

“The Soil Carbon Services Pack was developed to give agronomists, who have the relationships with farmers, the tools they need to run carbon projects, engage carbon samplers or soil carbon developers, and assist in managing soil for productivity and carbon.”

RELATED:  growAG. – MLA’s pilot carbon accounting workshops

a close up of new sprouts of crop in a field
Photo by Steven Weeks on Unsplash

Seed funding used to scale up infrastructure globally

Sam said the seed funding will be used to further scale up FarmLab’s infrastructure footprint across Australia and New Zealand and into the United States, integrating more testing labs and supporting the simplification of the Australian Clean Energy Regulator’s soil carbon measurement methodology.

The next big step for the company is its funding pitch at the evokeAG. Investor Dinner in Sydney, June 2022, alongside four other investment-ready startups.

RELATED: The gateway connecting the world to our agrifood innovation opportunities

“The next phase of our growth will be more exploratory, less risk. We really like Artesian, they’re great people and have been with us from the start, and it’s great to have Prove Group on board and perhaps we could attract another large tech company in the US that has a real climate focus,” said Sam.

“We’re seeing a lot of larger investors in the carbon space now, with Microsoft doing a lot and the big financiers like Rabobank doing a lot of climate investment.”

FarmLab has also joined forces with the Crosslinks Foundation for what Sam describes as a ‘passion project’ – its #1million1billion mission, to have one million farmers sequester one billion tonnes of carbon by 2025.

He’s hoping to reduce the costs for small subsistence farmers to enable them to join carbon projects, and develop an accreditation scheme that will allow farmers to certify their produce and sell it as carbon-neutral or carbon-positive.

Learn more about this investment opportunity here.^

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^This investment opportunity is only for professional and sophisticated investors as defined in the Corporations Act 2001 (Cth). The content of this opportunity is intended for use by persons having professional experience in matters relating to investments and must not be acted or relied upon by any other person including, without limitation, retail clients.

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