Agrithmics rebrands as Cultive8, raises $1.75 mn in funding

Agrithmics (Pvt), a leader in Sri Lanka’s Agritech field, Ltd, has rebranded its global corporate identity as Cultive8 Technologies, to facilitate its long term expansion strategy that will see it go beyond Sri Lanka, into South Asia and South East Asia.  

This also follows Agrithmics recently raising Pre-Series A Funding, valued at US$1.75 million, from BRAC Osiris Impact Ventures, leading to its post money valuation of $8.25 million, the company said in a media release.

Launched in April 2020, and backed by the Digital Innovation Fund, BOV Capital, Striders Global Investment and Ataraxia Capital Partners; Agrithmics began its Sri Lankan operations by delivering affordable technology solutions for agri businesses to digitise their procurement and payment automation. To date, Agrithmics has worked closely with some of the leading players in the tea industry along with other market leaders in the agriculture space. Further, Agrithmics has empowered plantation companies to digitise their activity in the field, even allowing them in some cases to manage all operations remotely.  

BOV Capital Managing Partner Prajeeth Balasubramaniam said, “Agritech is a high potential field in Sri Lanka, while also being vitally important for our country’s future. The Agrithmics team has proven their ability to rapidly scale up in the local sector and we look forward to seeing them leverage their Sri Lankan ingenuity to succeed in their ambitious plans to expand across the Asian region.” 

Cultive8’s overall plan is to connect the entire stakeholder network within the agriculture eco-system, from input companies, to farmers, aggregators and buyers, all under one platform.  

According to its Founder/CEO Prashanth Premakumar, who now also takes on the Group CEO role, wherein he will direct regional expansion; “Cultive8 is perfectly positioned to take our locally developed Agritech - supply chain expertise across Asia. As we have already started taking our first steps into Bangladesh with the help of our new investors, we set our sights on the larger potential offered by Asian agricultural markets, from where we foresee a lot of our future growth emanating.”