Amsterdam-based agtech startup Meridia raises €5.2M: Know more

Amsterdam-based Meridia, an AgTech company, announced that it has completed its Series A funding round with a raise of €5.2M.

The funding came from a consortium of new investors, including Intercontinental Exchange (ICE), Regeneration.VC, Edaphon, Cerigo Investments, Cerulean, Sabi Fund, and an investor represented by Sagana, among others.

Capital utilisation

The funds will be used to expedite the expansion of Verify, Meridia’s data verification platform. Verify helps companies evaluate and manage risks associated with the agri-commodity field and physical flow data.

Thomas Vaassen, Meridia CEO, says, “We are truly grateful for the trust and continued support of our investors, who share our vision.”

“Verify will both help smallholders become more visible in global supply chains and help larger companies respond quicker and more confidently to regulation and standards—ensuring that valuable energy, time and other resources can be invested beyond compliance.”

Field data solutions for smallholder supply chains

Meridia’s Verify platform, accessible via the SaaS portal and API, helps companies pinpoint and rectify erroneous, fraudulent, and non-compliant data in real time. 

The tool enhances evidence-based decision-making for procurement, sourcing, trade, and sustainability teams, to reduce commercial and reputational risks while minimising supply chain disruptions.

Verify supports companies in adapting to evolving regulatory frameworks such as the EU Deforestation Regulation, providing compliance with international standards on human rights, living income, and environmental impact.

Meridia’s Verify platform ensures field data compliance with production laws and industry standards like those of the European Cocoa Association and European Coffee Federation.

Leveraging earth observation and verified datasets, Verify is currently operational in 35 origin countries for commodities like cocoa, coffee, palm oil, soy, and rubber. Meridia plans to extend Verify’s application to new commodities and sectors in the future. 

Verify’s technology supports Meridia’s partnership with ICE Benchmark Administration Limited through the ICE Commodity Traceability (ICE CoT) service, facilitating frictionless trade of cocoa and coffee while supporting compliance with the EU Deforestation Regulation (EUDR).

Meridia Verify’s new portal will be available for beta testing to existing customers from July 1, 2024, with a full commercial launch scheduled for September 2024.

Brief about Meridia 

Founded in 2015 by Simon Ulvund and Thomas Vaassen, Meridia is focused on complex smallholder-heavy agri-commodity supply chains like cocoa, coffee, palm oil, rubber, and soy, and offers Meridia Verify, a flagship SaaS product. 

Companies using Verify can mitigate commercial and reputational risks, minimise supply chain disruptions, and expedite evidence-based decision-making for sourcing, procurement, and trade.

Meridia aims to enhance the accuracy of datasets used in decision-making within global agri-commodity supply chains. Its purpose is to establish transparent and inclusive supply chains that provide smallholders with fair opportunities and a level playing field.

Regeneration.VC to invest in circular and climate technologies

Regeneration.VC is an early-stage venture fund dedicated to “Supercharging Consumer-powered Climate Innovation” through circular and regenerative principles.

In a recent development, the firm’s Fund II secured €5M to invest in circular and climate-focused technologies for consumers. It will focus on investments in and from the Netherlands.

The fund aims to create a bridge between the Netherlands and the US, giving Dutch companies access to American multinationals, capital markets, and local market expertise.

Michael Smith, general partner at Regeneration.VC, says, “Regeneration.VC invests in Consumer ClimateTech, realigning the value chains of multinational consumer businesses with planetary boundaries. Many products we enjoy today (e.g. coffee, chocolate, soy, palm oil) are associated with deforestation activities.”

“Through investment and ongoing collaboration, we’re excited to support Verify, Meridia’s innovative provenance transparency solution in efforts to prevent further deforestation, protect biodiversity, and rebuild consumer trust.”