Small Robot Company turns to crowdfunding after investor quits

The lead investor in the Small Robot Company has pulled its funding and left the company looking for other options to fund its current operations and avoid administration.

Crowdfunding and bridging finance options are now being pursued by the company.

The Small Robot Company launched a new public pledge campaign on Thursday (4 May), in a bid to get public support.

See also: Small Robot Company launches robot services to 50 farms

More than £500,000 in pledges were received overnight since it first began discussions with some of its investor community on Wednesday (3 May).

A company statement said: “Without this bridge, it is possible that our farmer-led mission to make farming sustainable is at risk of ending. It is likely that without direct support from our community, we will enter administration at the end of the month.

“This would be a huge blow to our farmers, our planet and a UK ag-tech team who have created something remarkable in the past six years.”

The company is aiming to crowdfund at least £1.5m. However, it would require between £3m and £4m in funding to be able to make further progress.

The company statement concluded that “the alternative is that all investors lose everything, and the tech does not benefit farmers or the planet”.