Venture funds Partech and Leap Ventures have teamed up to pump €2.5 million (US$2.91 million) into a French company whose software allows for the realtime tracking of agricultural equipment including tractors, trailers, and seeders. Founded in 2016 by two entrepreneurs from the French city of Lille, Alexandre Cuvelier and Antoine Dequidt, Karnott’s software automatically calculates, analyzes, and archives equipment data (including both GPS and sensor-provided) through a web app. The company will use the funding to both add staff and accelerate expansion throughout Europe.

Alexandre Cuvelier said in a press release that “We have had a team member in Canada who has been analyzing the market and building our first commercial contacts. We will also crack the European market in autumn by initially targeting the following countries: Italy, Spain, Germany and the UK. The money raised will help us accelerate the development of the company and allow us to recruit new talent.”

About Partech

Partech is a global investment platform for tech and digital companies, led by ex-entrepreneurs and operators of the industry spread across offices in San Francisco, Paris, Berlin, and Dakar. The firm brings together capital and resources to support entrepreneurs at all stages in Europe and North America, with a growing presence in Africa and Asia.

The firm invests from €200,000 (US$233,161) to €50 million (US$58.3 million) in a broad range of technologies and businesses for enterprises and consumers, from software, digital brands, and services to hardware and deep tech, across all major industries. They currently have 140 portfolio companies.

About Leap Ventures

Leap Ventures is a Middle East, North Africa (MENA) and European-focused venture firm with investments in technology companies serving the energy, e-commerce, and other sectors.

David Nitchman, GAI Media