Monsanto subsidiary buys Estonian start-up VitalFields (1)
A subsidiary of American agricultural industry multinational Monsanto, Climate Corporation, is buying Estonian start-up VitalFields. The latter have been working on an online environment for agricultural producers that helps them reduce bureaucracy, and increase efficiency.
As ETV’s “Aktuaalne Kaamera” newscast reported, Climate Corporation is buying 100% of shares of VitalFields. Neither of the parties to the deal have disclosed its financial size.
Monsanto’s risk fund as well as SmartCap the Estonian Development Fund’s investment unit, were previously among the investors in VitalFields.
The new owner is planning to expand VitalFields’ operations, while letting the company’s headquarters remain in Estonia.
The company’s CEO and co-founder, Martin Rand, said that their objective was to establish themselves in the seven largest agricultural markets in Europe, which covered 70% of all its agricultural land. “At the moment we’re present in the biggest markets, in Germany, Poland, and Ukraine,” Rand said.