ST. LOUIS — St. Louis-based investment firm Lewis & Clark AgriFood has expanded its portfolio with the backing of an agtech firm.
Lewis & Clark AgriFood said Wednesday it has provided a $7.7 million senior secured debt commitment to Hortau Corp., which has developed an irrigation management system for crops. The financing is being provided from Lewis & Clark’s Rural Business Investment Co. (RBIC) fund.
Launched in 2019, Lewis & Clark AgriFood provides later-stage venture investments and growth capital to agriculture and food companies.
“Hortau is a technology and market leader in its niche,” said Tim Hassler, principal at Lewis & Clark AgriFood. “Water conservation efforts will continue to drive growth in smart irrigation technology, and our credit facility will help Hortau benefit from this industry growth.”
St. Louis-based Advantage Capital Agribusiness Partners, where Hassler was formerly managing director, previously led a pair of funding rounds for Hortau. Founded in 2002, Hortau operates in San Luis Obispo, California, and Quebec, Canada. Its irrigation system uses sensor data and mobile technology and is designed to provide irrigation management for high-value crops.