Arable has raised $40 million in series C financing. The company will use the new funding to advance climate resilience in agriculture by accelerating product development, delivering new services for customers and expanding its global footprint.
Arable received the first investment from Tom Steyer and Katie Hall’s new climate-investment platform, Galvanize Climate Solutions, which led the fundraising round. In connection with that investment, Saloni Multani, partner at Galvanize Climate Solutions, joined Arable’s board. The funding saw new participation from Qualcomm Ventures. Also joining the round were Arable’s existing investors, including Prelude Ventures, S2G Ventures, Ajax Strategies, Grupo Jacto, Middleland Capital, M2O and iSelect.
Agriculture is responsible for a quarter of all greenhouse-gas emissions and 70 percent of all freshwater use. In addition, the growing population will require producing 50 percent more food by 2050 from the same land area.