Provided by private equity outfit Demeter and innovation capital business Seventure Partners as well as long-term investors Breizh Up and Crédit Agricole Ille-et-Vilaine Expansion, the money is to be used to increase the technical and economic performance of poultry operations and to improve the breeder’s working conditions.
With the help of the financing, Tibot hopes to achieve two main goals: accelerating its growth through the sustainability of its international development and increasing its technological lead by enhancing robotics-related features.
Launched in 2017, Tibot Technologies has sold its solutions in 15 countries. The business was developed following concerns from poultry farmers over the rate of eggs laid on the floor, medication legislation and quality standards.
Yanne Courcoux, co-founder and president of Tibot Technologies, said: “Demeter – through the Agrinnovation fund – and Seventure provides us with financial resources but, more importantly, with strategic experience in the AgTech sector and an international network. This funding will help us accelerate our business development, but it will also allow us to continue to generate value for our current customers. We will enhance our offer with more features – ever more innovative ones – while we stay in touch with the needs expressed in the field.”
Riadh Shaïek, partner at Demeter, and Isabelle De Cremoux, chairperson of the board at Seventure Partners, explained why they are supporting Tibot Technologies. “Tibot Technologies' robots provide an innovative response to the new challenges of poultry farming. The sector is growing rapidly, and it is undergoing a profound transformation.
“Of course, production must rise to deal with global population growth, but it is important to produce better, so as to meet consumer expectations and the need to take animal welfare into account. And all this must be done in a context of scarce agricultural manpower. We are proud to support the company whose management has a clear vision of the development of the sector and has thus developed products that offer very pragmatical responses to the needs of poultry farmers.”