BinSentry, a Kitchener-Waterloo-based agtech company specializing in solar-powered feed inventory monitoring, has raised $50 million USD ($68.8 million CAD) in a Series C round led by Lead Edge Capital.
Lead Edge operating partner Paul Bell will join BinSentry’s board.
Founded in 2017 by Nathan Hoel and Randall Schwartzentruber, BinSentry’s platform uses IoT sensors and software to help feed mills and agricultural businesses track livestock feed levels remotely, eliminating the need for manual silo inspections. Customers pay a monthly monitoring subscription that includes both hardware and platform access.
Scaling through global partnerships
The funding follows 100% year-over-year growth with no customer churn and will support:
- Hiring 40+ new employees (current headcount: 120)
- Accelerating international expansion, starting with Brazil
Growth in Brazil is being driven by Cargill, which recently became the exclusive distributor of the platform in the country. Clients also include Wayne-Sanderson Farms and Hanor.
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From startup to market leader
The company’s sensor deployments have grown from 1,000 in 2020 to 40,000 today, doubling in the past year alone. Previous rounds include:
- $10M CAD Series A (2020)
- $22M CAD Series B (2023–2024), led by Spring Mountain Capital
Lead Edge principal Aaron Darr said: “As the agtech sector matures, companies like BinSentry with strong fundamentals and clear ROI are best positioned to lead the next wave of innovation.”
