SMALL ROBOT COMPANY TURNS TO CROWDFUNDING

The British agricultural robotics startup, the Small Robot Company (SMC), has turned to crowdfunding after its lead investor pulled out at the 11th hour.

Without immediate funding SMC were at risk of not being able to pay wages at the end of the month and entering administration.

Last week the company issued a statement to their community of investors saying, "We have been unable to close our investment with a lead VC investor. They like our tech, our team, but find agriculture too risky.

"They can't see the big picture. We can and we know our community does too.

"With no financial runway left, our farmer led mission is at risk of ending. This would be a huge blow to our farmers, our planet and the UK position as an Agtech leader."

Since the statement went out, SMC say the support from their shareholder base for keeping their mission alive has been "incredible". They are now over 90% of the way to raising to the £1.5million they said they need to give themselves a ". . .long enough a runway to secure another lead investor on reasonable terms."

They have further targets of £3m where they say they can launch their first pilot franchises where they believe they can start to make progress again - and £4m which they say would position themselves for the next phase of growth.

In an interview with Ag Funder News on Wednesday this week, SRC’s CMO Sarra Mander is quoted as saying that the company has a "high degree of confidence” that it’s “through the danger zone”.