Spiio, the in-ground data as a service provider, helping turfgrass and green industry professionals enhance agronomic decisions, has raised a $1.6M fundraising round from internal investors: byFounders, inQvation, Danish Growth Fund and a range of angel investors. The funds will be used to strengthen the development team, to move forward with innovation projects that are improving the Spiio platform, and to scale the sales and marketing efforts, primarily in North America.
The new investment round will enable Spiio to get its services out to more customers in the turfgrass industry in North America and beyond. It also speeds up the innovation of the current product suite benefiting all the golf course superintendents and ground managers that are using Spiio data daily.
“In these rough times, I’m very happy to announce this new stepping stone for Spiio. The team has worked incredibly hard and, against all odds, we have grown significantly throughout the year. With funding support from investors, we’re extremely excited to have the power to do what we fight for every day: putting new valuable data services in front of many more users.”Martin Dal, Founder and CEO
A fundraising round with new opportunities
Spiio is entering a new level with plenty of new opportunities. The team is growing to cope with current and future demand. And the agro/IoT tech scene has never been more relevant than now, combined with an even higher demand for remote monitoring. Claus Zibrandtsen, inQvation CEO, lead investor, says:
“There’s no doubt that many companies have been struggling through COVID-19, and the Spiio team has worked hard to find new ways of achieving growth. We feel privileged to have a strong collective of shareholders, and together with the Danish Growth Fund, we’ve been able to help Spiio into the next level.”
Asked about the future for Spiio, Claus Zibrandtsen says:
“inQvation has a strong belief in the team and the founders, who have shown a willingness to win and conquer even through tough times. Therefore we have been happy to support in another fundraising round leading into a series A round in 2022.”
Spiio helps turfgrass and green industry professionals save money and labor time by managing their golf courses and sports facilities. Spiio’s product is a data service based on a wireless sensor that tracks soil moisture, temperature and salinity data from the ground and uploads that data to be viewed on our web-app or mobile app.The data helps to keep the complete overview of turfgrass and crops– anywhere, anytime.
The current customers include several hundred golf courses and sports complexes, including over 15% of golf courses in the US Golf Digest Top 100, professional football and baseball teams, Champions League soccer clubs in Europe, some of the largest tree maintenance companies in the world and multinational agriculture fertilizer companies.