TGS Baltic has advised agriculture technology startup Paul-Tech on its EUR 1.4 million seed round led by Estonian venture capital fund Superangel and including SmartCap, Honey Badger Capital, EstBAN, Tatoli AS, Overkill VC, and Swedish business angels. Ellex Raidla advised Superangel.
According to TGS Baltic, Paul-Tech's vision is that, with their soil plant, farmers find the optimal balance between agronomic, environmental, and economic aspects for sustainable management. "They offer a solution in which, in addition to monitoring the seedling, producers are also given an overview of the processes taking place in the soil in real time, as a result of which agricultural practices that are more sustainable for the soil and the environment can be used, and limited resources can be optimally distributed."
The investment will be used to expand into the UK market and develop Paul-Tech's product offering.
"In light of growing environmental, societal, and economic pressure, sustainable practices are more crucial than ever," Superangel Partner Marko Oolo commented. "Paul-Tech’s commitment to reducing water wastage, minimizing carbon dioxide emissions, and enhancing crop production aligns seamlessly with our investment philosophy of intersecting sustainability and technological innovation. We are excited to support Paul-Tech in driving positive change within the agricultural sector and creating lasting value."
The TGS Baltic team was led by Senior Associate Mirko Kikkamagi and included Partner Kadri Kallas, Senior Associate Silvia Urgas, Associate Helena Kuuse, and Lawyer Stina-Maria Lusti as well as former Senior Associate Mari-Liis Orav, who has since left the firm.
The Ellex team included Partner Antti Perli, Counsel Rutt Vark, and Lawyer Liis Tava.