Jordan-Based Agri Tech Startup Nestrom Raises Seed Funding From Regional Investors
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Nestrom, a Jordan-based agri-tech startup developing farm management systems, has raised undisclosed amount of seed funds from investors Propeller Inc, 500 Startups, global agricultural enterprise Agrimatco, Wamda Capital, and other angel investors. Co-founded by entrepreneurs Yousef Wadi, Kanaan Manasrah, and Shadi Al Shalabi in early 2017, Nestrom focuses on “delivering high-end, easy to deploy agricultural software products and solutions,” and says that they aspire to “transform all farms into smart farms.”
In addition to tracking financial aspects, the company’s flagship product enables operational tracking of the workforce and environmental parameters, helping farms make informed decisions. Nestrom’s operations are currently in the MENA region, with solutions currently deployed in farms in Jordan and Saudi Arabia, and the startup has also raised an undisclosed amount from Propeller as part of its acceleration, prior to the current round.
Commenting on the fundraising, Nestrom founder and CEO Yousef Wadi says, "The agriculture space is usually neglected when it comes to enabling technologies but is of high importance as food demand and world's population grow.” He adds that their investor Propeller provided them product and strategic support to “go from ideation to market within only a year,” and strategic investment from Agrimatco and other angels in this round, validates Nestrom’s value proposition. “"Fundraising is part of scaling the business and providing initial value that is scalable is the most important factor. Being able to showcase your product and value with your first set of clients is key… Finding key investors are more important than just getting funding is critical for your survival,” says Wadi, explaining the fundraising journey.
Manaf Asfour from Propeller Inc. (a tech startup accelerator in Jordan) says, “Nestrom was a no-brainer for us. At Propeller we are interested in high-tech startups solving meaningful problems, and Nestrom was just that- a super solid team supporting one of the most crucial sectors to every economy that is severely underserved.” He adds that with food safety, demand and global trade becoming key issues for the Middle East nations, companies like Nestrom “are becoming an integral part of any agricultural business’ success.”