New Ag Technologies Try Crowdfunding
Farmers have always used their ingenuity to solve the problems in creative ways. Many of these on-farm inventions could be a product, or even a business. Getting something like this off the ground requires a prototype, manufacturing, marketing - in other words, money. Venture capitalists tend to want big, disruptive visions, so some are turning to equity crowdfunding instead. Pharm Robotics in one of those companies. They plan to sell a robotic arm that automates the process of gives shots to dairy cows. Here’s cofounder and CFO Alika Chuck.
Chuck… “Given the pandemic, current market conditions, and current stage that we're at. You know, we are still working on our initial prototype and things are currently in the works. We really had to accelerate that process and really keep it alive and keep going.”
Chuck says this is what led them down the road of offering equity to their young company online through a platform called WeFunder. They plan to use the investment to finish building their prototype.
Chuck… “Our goal is to really bring the ag community together to build this technology and bring it to market. So I think equity crowdfunding perfectly fills the funding gap for companies like mine, who are having a hard time raising early stage capital being pre prototype pre-revenue.”
Their campaign will be open for a couple of months. You can take a look for yourself at www.wefunder.com/pharmrobotics.