UK-based global consumer and wholesale bank, Barclays announced the formation of a new, dedicated agtech team that will focus on facilitating connections between UK agtech startups and farmers with the goal of boosting innovation.

The agtech sector in the UK contributes £14.3 billion (US$18.2 billion) to the country’s economy, according to the bank, and accounts for the employment of 500,000 people. On a global scale, the industry has been setting financing records, with more than £1.5 billion (US$2 billion) being invested in the industry last year, according to PitchBook.

The formation of this team by Barclays signified the bank’s confidence in the continued growth of this sector, and its intention to further the development of new technologies, products, and services that will benefit the UK’s farming sector. 

“Agri-tech is thriving in the UK and future innovations are likely to help address many of the issues that the farming industry faces today,” said Mark Suthern, head of agriculture at Barclays.

The new team, which will be split regionally, will be led by Craig Sigley and include regional managers Paul Hazzard, who will oversee South Wales and South West; Dave Pruden, who will oversee the North; Lizzie Asplin, who will oversee the South East; George Sigley, who will oversee the Midlands and North Wales; and Karl Blagg, who will oversee the East.

Each of the managers will work closely with farmers to gain insight into the technologies that would be most useful to their operations, and also will work with agtech startups to help them realize their strategic growth goals.

“Our new dedicated agri-tech team is ideally placed to help start-ups scale and grow and connect them with the farming community,” said Suthern. “Technology has already transformed the way some of our customers farm, for example, using drones to survey land and track livestock, robotic fruit-picking machines and sensors that monitor poultry.”

-Lynda Kiernan