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    Status
    First signature
    Signed
    19/07/2023
    Amount
    EUR 15,000,000
    Countries
    Spain
    Sector(s)
    Services
    See more

    Signature(s)

    Amount
    € 15,000,000
    Countries
    Sector(s)
    Spain : € 15,000,000
    Services : € 15,000,000
    Signature date(s)
    19/07/2023 : € 15,000,000
    Link to source

    Summary sheet

    Release date
    27 October 2023
    Status
    Reference
    Signed | 19/07/2023
    20220630
    Project name
    Promoter - financial intermediary
    CROWDFARMING (IEU G)
    CROWDFARMING SL
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 15 million
    EUR 38 million
    Location
    Sector(s)
    Description
    Objectives

    CrowdFarming is a one-stop-shop platform for farmers seeking to sell directly to end-consumers without intermediaries. The investment programme addresses, among other activities, the further developments and enhancements of the digital marketplace, the integration of a broad and diversified range of payment methods to make user experience as frictionless as possible, the development of tools that foster order recurrence and promote transparency and sustainable agricultural practices, and the development of additional automation capabilities in logistics.

    The project will finance mostly investments in research, development and innovation (RDI) activities, as well as the commercial growth of the company.

    Additionality and Impact

    The proposed operation is aligned with InvestEU objectives regarding the development, deployment and scaling-up of digital technologies and services and addresses the European Green Deal Innovations Main Policy Priority Area under the InvestEU Research, Innovation and Digitalisation Window (RIDW).

    The project also supports the EIB's objective of innovation and digitalisation, as it supports the development and market introduction of specialized B2B2C digital products to allow farmers to sell their products directly to end-consumers, including logistics, marketing, customer-support, and an online marketplace.

    The EIB financing addresses a financing market gap thanks to a combination of unique features such as a 3-year availability period associated with a long-term maturity date and a bullet repayment. This would enable the Borrower to focus on growing its business by deploying its technological and commercial roadmap.

    The project will lead to the development and deployment of innovative product and process technologies with substantial environmental and social benefits, and it is aligned with the European Commission in its Farm to Fork strategy promoting organic food and enabling direct commercialization from farmers at a competitive price.


    The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.


    Environmental aspects
    Procurement

    The related activities will be performed in existing buildings with no relevant environmental impacts expected. The project does not fall under the environmental impact assessment (EIA) Directive 2014/52/EU (amending EIA Directive 2011/92/EU) therefore no EIA is required.

    The promoter has been assessed by the EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, and is thus not subject to EU rules on public procurement.

    Milestone
    Under appraisal
    Approved
    Signed
    14 June 2023
    19 July 2023
    Related projects
    Link to source
    Summary sheet

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - CROWDFARMING (IEU G)
    Publication Date
    31 Oct 2023
    Document language
    Main Topic
    Lending
    Document Number
    168723514
    Document Focus
    Environmental Information
    Project Number
    20220630
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

    News & Stories

    Inside the project

    How and Why

    A win-win for farmers and consumers

    Why

    • Better for the farmers, who receive a fairer price
    • Better for the consumers, who receive fresher food
    • Better for the environment because it reduces transport and storage time and cuts food waste and unnecessary packaging
    • Supports small-scale farmers, contributing to rural regions and strengthening local communities

    How

    • Directly links consumers and farmers, allowing consumers to know exactly where the food is grown and how
    • CrowdFarming platform is helping to digitalise Europe’s agricultural sector and give producers more information on clients and demand
    • Consumers can strengthen their relationship with farmers by adopting a tree or plot

    Impact

    Fresher food and less waste

    • CrowdFarming’s model eliminates intermediaries, which reduces food waste, carbon emissions and energy consumption
    • The platform promotes organic farming practices, which avoid synthetic pesticides and fertilisers
    • CrowdFarming provides farmers with access to the website, distribution, customer service, training and marketing support
    • Direct-selling gives farmers more control over pricing

    20%

    less emissions compared to the supermarket model

    Play video

    1:58

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    Story

    Tasty and good for the planet

    It is rare to come across a project with such direct and tangible results on the ground.
    Alajandro Raboso Campos

    adviser, European Investment Bank

    CrowdFarming represents 300 farmers from 15 countries, mainly in Europe. Customers have the option of ordering boxes of fruits and vegetables or products like honey and cheese. They can even adopt a tree, a plot of land or an animal and receive the harvest or other food.

    Consumers buy products directly from farmers, which shortens the time between production and purchase and reduces food waste. Unlike some supermarkets, CrowdFarming does not store fruits and vegetables for weeks or spray it with antifungal chemicals to avoid spoilage. The efficient model benefits farmers and consumers.

    The EIB has provided €15 million in venture debt to support CrowdFarming. This financing, backed by the InvestEU program, will enable the platform to scale reach more consumers and work directly with more farmers.

    CrowdFarming
    We are deeply committed to the concept of ‘farm to table.’
    Cristina Domecq

    head of sustainability and impact, CrowdFarming

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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