Agrome IQ
Funded

Agricultural Business & Analytics

DEAL TYPE Convertible bonds
TENOR 12 Months
CONVERSION DISCOUNT 10.00%
MINIMUM INVESTMENT SGD 50,000
FUNDRAISING GOAL SGD 500,000
HEADQUARTERS Brunei

Investment highlights

Capitalise on a large AgriTech & EdTech market

Global smart Agriculture industry is expected to grow at a CAGR (2015 – 2020) of 14.4%, while global EdTech industry is expected to grow at a CAGR (2017 – 2022) of 18.3%; APAC plays a huge role in the growth of both markets

First-mover advantage

First AgriTech company in Brunei and one of the few in ASEAN, with a comprehensive product range, from farm management to educational workshop events; targeting both B2B and B2C

Strong strategic partners

Partnerships with various government entities and the 2nd largest telecommunications company in Brunei, has helped Agrome IQ to establish its footprint in the local market; established as the only Certification Body for Brunei Good Agricultural Practices (“GAP”)

Impressive early traction

Generated revenue of >S$45k in the first year of operation; enrolled in 4 schools and 5 community initiatives; >250 users on Sprout IQ, its B2C app

Experienced management team and advisors

Highly capable management team possessing extensive knowledge of the agricultural industry, with accomplished advisors capable of scaling businesses

Use of proceeds

  • Business Infrastructure
  • Working Capital
  • Customer Acquisition
  • Product Development

Background

Agrome IQ is a Brunei-based company focused on developing the next generation of digital growers, providing “smart farming” for farmers in Southeast Asia. They operate in the rapidly growing AgriTech and EdTech industries, largely driven by the rising demand for safe and healthy food. To capitalise on this demand, Agrome IQ offers 3 different products / services, with the aim of developing the farming market in Southeast Asia:
  • Sprout IQ – urban farming educational platform that enables users to self-learn and start farming
  • Workshops – monthly workshops conducted to educate interested students / individuals in learning about the fundamentals of farming
  • Intelligent farm-management platform – offers a suite of services ranging from the use of IoT in farming to enhance the farmer’s decision-making processes to the auditing and the issuance of Brunei GAP* certificates for regulatory compliance
To date, Agrome IQ has partnered with various government bodies and businesses such as the Brunei government, Darussalam Enterprise, BIBD, Progresif Cellular, etc. to help develop and improve the farming ecosystem within Brunei. They have also established partnerships with Singtel & Ericsson for the co-development of the IoT solutions for farms and Upgrown Farming Co. for the construction of a multipurpose farm for R&D. More recently, Agrome IQ was awarded the “Special Recognition Award” from the ASEAN Rice Bowl Startup Awards.

In 2018, Agrome IQ expects to expand geographically by first increasing its presence in Singapore, followed by China (Beijing, Shanghai), and the Philippines.

*Good Agricultural Practices – a voluntary audit that verifies fruits and vegetables to be produced, packed, handled, and stored as safely as possible to minimise risks of microbial food safety hazards

Traction

Integrated their curriculum programme into 5 schools / community initiatives in Brunei; Sprout IQ platform has seen 250 users since its introduction in July 2017

Management team

Vanessa Teo
Founder & CEO

- Serial entrepreneur in the F&B and fitness industry
- PhD in Agricultural Systems Modeling from University of Brunei and MSc in Environmental Technology from Imperial College London

Fahim Ibrahim
Chief Scientific Officer

- Former VP in BruWILD –NGO in Brunei that focused on discovering, investigating and learning of nature’s wonders
- >4 years of experience in designing farming systems and crop yield intensification projects

Azmi Safri
CMO

- Focused across technical development and working closely with the CSO on technological developments, marketing strategy and content creation for customer acquisition, and developing inhouse process

Advisors
Advisors

Strong network of advisors in the public and private sectors:
- Dayu Dara, Co-Founder, Go-Jek
- Soon Loo, CEO of Brunei Economic Development Board
- Radi El Fassed, Head of Product Development, Progresif Celullar
- Lionel Wong, Founding Director, Upgrown farming co.