Lithuanian Insect Farm Software Developer Cogastro Secures $600,000 investment

Lithuanian startup Cogastro, which developed a software platform to help insect farmers with accelerated increase of their production, secured a $600,000 Seed venture funding with CoInvest Capital and members of the Lithuanian Business Angels network (LitBAN). New York based BAJ Accelerator program and the network provided robust incentives for the round close.

Cogastro’s software helps insect farms to save about 60% of their time analyzing processes and the production chain. It increases farm’s productivity by about 20%.

Investment money will be used to further develop Cogastro porduct potential and increase the effectiveness indicators. “The founders of the company have shown they are particularly ambitious and confident in their product, as evidenced by their performance results. We are pleased that they have managed to discover a viable niche – many insect-growing farms still  analyze data manually,” pointed out the director of CoInvest Capital Viktorija Vaitkevičienė.

“The attention of business angels was attracted by technical and sales competencies of the Cogastro team. Contracts signed with customers operating on five continents signaled good market conformity and an appropriate focus on maintaining and expanding customer relationships,” alleged the head of the business angels syndicate PhD. Audrius Dzikevičius.

According to Ms Šidlauskaitė, the CEO of Cogastro, the company’s sales have grown four times since the beginning of this year, and with the insect market expanding rapidly, the company needs to evolve too. Cogastro will use the investment for further software development, expand the professional team and try the new markets like the United States and Asia.

Learn more about Cogastro

Learn more about BAJ Accelerator. Application submission for January 2022 is open, apply now

Mante Sidlauskaite, CEO and Artur Bartkevic, CTO at Cogastro