AgriTrack, a vibrant team from Dunedin, came into the Sprout programme having delivered an MVP to market and made a few sales. What they didn’t know was that the upcoming six months were going to be some of the ‘hardest they’ve worked in their lives!
This hard work has paid off for the AgriTrack team with the business growing in revenue, employees and distribution capability. They recently setup their own distribution warehouse for their hardware product because they’d quickly outgrown their spare garage!
AgriTrack raised an investment round of $550k during the Sprout programme, allowing them to head back to Australia to implement their sales and marketing strategies.
AgriTrack continues to maintain a fantastic conversion rate, maintaining the 97% they had before the Sprout programme to after the programme.
The company has multiple revenue streams, including revenue for hardware sales and software. Of note, the business has grown its annual recurring revenue by over 300%.
In seven months the team has grown from one man and his tent to nine employees. Of note was the alignment created through Sprout by bringing the contract software development, Tom Rivett, into the business as a co-founder and shareholder. This set the culture platform to grow a strong and aligned team.
They’ve hired their first administrator to do all the admin tasks, allowing Andrew to shift his focus solely on developing the business. This is something that Andrew reflects on and believes he should have done much sooner.
The development team has a new Senior Developer with a focus on their new hardware prototype product, which is planned for roll out as an MVP in mid-November so they can collate feedback.
In the off season (July – September) they hired a Sales Manager for Western Australia then hired two sales rep’s to complete the team.
They appointed a company Marketing Manager and implemented a big marketing plan, which saw them position themselves for the harvest season using print, online and social media marketing campaigns. They also attended a lot of events state wide, arranging trials for the harvest.
Along with a new investment deal arrived a new board member. They now have four key shareholders which form the board and they meet on a regular basis.
Finding the right sales employees at the start of the hiring process proved to be a significant challenge for the team. Andrew is confident they now have a good team and with their busiest time just around the corner, this will soon be proven. The key to identifying the right person was being patient and taking the approach of head hunting a great sales person rather than hiring a sales person who was out of work.
Their second challenge was in inventory management. This was resolved with an online software management system and the hiring of a warehouse manager who’s in charge of inventory management.
AgriTrack have a really strong product roadmap and are having to prioritise developing features based on their customers requirements. A challenge, but also a massive opportunity for the company.
In Australia the harvest season has just started so customers are desperate to make sure they have the AgriTrack system in place when they send their fleets of heavy machinery out to harvest.
The team is beginning to explore expansion into other geographies including Queensland, Australia and the South Island of New Zealand.
In any software business, development is always going to be an ongoing challenge. They’ve found the need to increase their capacity so will be looking to build more capability in the team in 2017 so they can continue to refine their offerings.
Finally, the team are testing other distribution methods for the product, which are more streamlined and scalable.
A massive seven months for this energetic team!