GroGuru Secures a New Round of Financing!

Published on Jul 14, 2023

GroGuru is all about strategic water management for commercial farmers. We help farmers increase crop yield, and save water and other scarce resources in a more sustainable way.

GroGuru recently closed a new round of financing with the Cove Fund as our lead investor. We were oversubscribed on a $2M round of financing and are excited to have additional cash on the balance sheet to fuel our growth going forward.

Some notable new investors in this financing are our lead investor, Cove Fund, along with Impact Venture Capital, Integral Capital Partners, and Comeback Capital. In addition, we had a follow-on investment from one of GroGuru’s early investors, Right Side Capital Management. We also received investment from three of our market channel partners: VIGR Crop, NutraDrip, and Thunderhead Crop. This is GroGuru's first VC-led institutional round of financing.

Demand remains strong for the GroGuru solution and we sold-out of our inventory of all products including what was sitting in Work-in-Process inventory at our sub contract manufacturer, DDH, during the first half of 2023. We now have over 200,000 acres under management and our existing customers have over one million deployable acres. Our market channel footprint now sits and over 20 million deployable acres, and we continue to grow as we add new channel partners!

We now have new production starts underway at our subcontractor, DDH, including our new cellular field telemetry solution, the Cellular Fox WUGS (wireless underground system). This new field telemetry unit connects directly to the Cloud using an IoT version of 4G/LTE called CAT-M1. This move to Fox Cellular eliminates the need for LoRa field telemetry and a base unit for connection to the Cloud, making it easier to deploy and more reliable for customers.

We have started to move to our new business model, Hardware as a Service (HaaS) and it has strong support from our end customers/farmers and our channel partners.

This new financing will enable us to expand sales, commercialize new solutions that simplify installation, increase ease-of-use for farmers, and expand the market opportunity.

Liked by La Monte Wayne Peters, Faisal Fahad J Alotaibi, Kevin Brown, and 26 others

Paul J Chambers

💥Top Contributor

Jul 14, 2023

Nice job Patrick! Valuation of the new financing??

Patrick Henry

Jul 17, 2023

Details of the financing have been provided to the lead investor at XX Investments which administers the shareholder rights for WeFunder investments in GroGuru.

W Kim Colich

💥Top Contributor

🌿Prolific Investor

Jul 14, 2023

Hi Patrick, Congratulations! I was unable to get in on your last raise. When will your next Reg-CF raise be? Please don't make the minimum investment too high (!) Thanks. Blessings

Patrick Henry

Jul 17, 2023

No current plans for a follow-on round of financing.

Jarod Rudisill

Jul 15, 2023

What valuation was this money raised at?

Patrick Henry

Jul 17, 2023

Details of the financing have been provided to the lead investor at XX Investments which administers the shareholder rights for WeFunder investments in GroGuru.

Paul J Chambers

💥Top Contributor

Aug 16, 2023

So I guess this is code for Patrick doesn't want to talk to us anymore over here on Wefunder ... "Details of the financing have been provided to the lead investor at XX Investments which administers the shareholder rights for WeFunder investments in GroGuru."

Patrick Henry

Oct 4, 2023

Hi Paul, Now that I have new VC bosses in my board, the amount we want to disclose publicly will be more limited, but I will still be providing updates. If you have specific questions for me, please send a private message to me. Thanks!

Louis Bowler

Jul 14, 2023

I find this not only exciting but an absolute necessity. Most people in the United States have no idea of how critical water management is. Keep up the good work. Twenty years from now, all of those people ignorant of the water problem will be asking, "Why didn't we start something like GroGuru sooner?"

John McKay

Jul 23, 2023

Hi Patrick. Although I only invested $100 back in 2020, I'm glad I at least did that. Everything I'm reading is exciting!! What an amazing solution to such a horrific global crisis. I look forward to investing more when the company goes public one day. Cheers from Riverside County!