Nofence raises €30 million in Series B funding to drive innovation and simpler, efficient grazing

Investment accelerates the adoption of digital grazing tools that support sustainable land use, animal welfare, and rural resilience across Europe.

Molde (Norway), 16. September 2025 – Nofence, the world’s pioneer commercial virtual fencing system for livestock, announced today that it has raised €30 million following the successful close of its Series B funding round in July. As Europe’s largest agtech funding round of 2025, this  investment signals investor confidence in Nofence’s proven technology, market growth across Europe, and its role in advancing digital and sustainable solutions for the livestock sector.

This investment is led by international firms with deep expertise in climate tech, agtech, and sustainable systems, including the lead investor European Circular Bioeconomy Fund, along with Capagro, Nysnø Climate Investments, Climate Innovation Capital, and Speedinvest - while existing investors, among them, Sandwater, Momentum, and Ferd, are also continuing their commitment, reflecting strong support for Nofence’s role in providing more sustainable and efficient grazing solutions for cattle, sheep, and goat farmers alike, across Europe.

As the pioneer of virtual fencing and the company with the longest experience in the field, the new funding will enable Nofence to scale its operations worldwide across European and North American markets, strengthen its support for farmers, and accelerate product development to meet the evolving needs of sustainable livestock production. With adoption rapidly growing across Spain, Ireland, UK and Norway, Nofence is helping thousands of European farmers improve land management, reduce labour intensity, and support biodiversity through more adaptive grazing. Building on this momentum, Nofence recognises the trust and support farmers have placed in its technology and is committed to using this new capital to enhance its ability to serve them and deliver greater value.

"Nofence's virtual fencing is transforming the way livestock producers manage their herds by enabling rotational grazing - an effective climate measure in agriculture - while offering more efficient solutions to  better monitor and enhance the  welfare of livestock, reduce costs, and provide peace of mind," said Joachim Kähler, CEO of Nofence. "This Series B funding is more than a financial milestone; it further validates our vision and the real-world results we’ve delivered to farmers across the globe. This raise reflects the strength of our team, the loyalty of our customers, and the urgency of the challenges we’re helping to solve, positioning us to make virtual fencing the standard for livestock management globally."

''Across the EU, farmers are navigating rising costs, environmental obligations, and increasing demands for efficiency and innovation,'' said Marielle Hvide, Chief Commercial Officer at Nofence. ''Virtual fencing is already helping farmers meet these challenges by enabling more flexible, precision grazing, improving animal welfare, and supporting the digital transformation of agriculture. This Series B funding will allow us to further scale this impact - helping more farmers transition to sustainable farming practices that deliver on both environmental and animal welfare goals across the EU.''

"We are incredibly proud to announce our Series B funding round. This investment is a testament to the hard work of the entire Nofence team and the strength of our technology," said Stefanie Witte, Chair of Nofence's Board of Directors. "What's particularly exciting for us is not just the capital, but the calibre and international breadth of our investors. They bring a range of expertise from across Europe and North America - perfectly aligned with Nofence’s own international expansion, and their experience will be an invaluable asset as Nofence continues to grow and innovate."

"At ECBF, we back companies that scale commercially while driving sustainable, resource-efficient systems. Nofence is transforming livestock management with a solution that improves efficiency, lowers costs, while restoring soil and biodiversity," highlighted Isabelle Laurencin, Partner at ECBF. "With strong traction in Europe and clear U.S. growth prospects, we are proud to back this ambitious team as they set a new standard for sustainable agriculture."

"Nofence is addressing one of the most urgent needs in agriculture: making livestock management more efficient and climate-friendly. The company’s rapid adoption across multiple markets demonstrates both the strength of its technology and the depth of demand from farmers. Having backed Nofence since the Series A, Sandwater is proud to continue this partnership and build on the strong foundation already in place," says Torkel Engeness, Partner at Sandwater.

"We have known Nofence for a long time and continue to be impressed by their execution across markets. With farm digitization still in its early stages, Nofence stands out as a key enabler, creating a strong platform for new products beyond virtual fencing," emphasized Wissam Nasreddine, Principal at Speedinvest.

As the world’s only provider of virtual fencing for both cattle and small ruminants, Nofence has established itself as a leader, with growing demand among farmers and land managers across [Ireland/Spain]. From upland conservation sites, crofters in the highlands to mixed grazing enterprises, Nofence GPS-enabled collar is helping farmers improve land use efficiency, protect sensitive habitats, and reduce labour costs, all while supporting animal welfare and farmers' wellbeing.

About Nofence and the technology
Founded in Norway in 2011 by goat farmer Oscar Hovde, Nofence is the world’s pioneer commercial virtual fencing system for livestock. Nofence’s virtual fencing system combines solar-powered, GPS-enabled collars connected via cellular network to an easy-to-use app, allowing farmers to create and adjust virtual grazing boundaries from their phone, enabling real-time tracking and responsive herd management. When an animal approaches the boundary, the collar emits sounds that gradually increase in pitch, prompting it to change direction. If the animal continues forward, it receives a mild electric pulse designed to be half as intense as traditional electric fences. Over time, the majority of interactions are resolved with sound alone, resulting in calmer, more predictable grazing behaviour.

This innovation replaces the need for physical fencing, reducing infrastructure and maintenance costs, labour, and environmental impact. By giving farmers greater control over how and where their livestock graze, Nofence helps improve soil health, prevents overgrazing, and supports regenerative land management practices, particularly in remote or environmentally sensitive areas. The collars can be bought online at nofence.no/en-ie/  / nofence.no/es/ https://www.nofence.no/en-ie/eu 

The company’s virtual fences have increased in popularity since its pilot customers first began using them in Norway in 2016, with the company recently surpassing 150,000 collars sold across Europe – a strong testament to the success of the new technology. Nofence has over 90 employees worldwide distributed between Norway, UK, Ireland, Spain and the United States.

About the Investors
Capagro is Europe’s first independent venture capital fund dedicated to AgTech and FoodTech innovation. With approximately €240 million under management and backing from leading agrobusinesses and institutional LPs, Capagro supports startups across the entire agri-food value chain, accelerating the adoption of impactful technologies, from smart agriculture to sustainable food solutions.

Climate Innovation Capital (CIC) is a growth equity fund investing in mid-stage climate technology companies that deliver measurable decarbonization and strong financial performance. With deep operational and investment expertise, CIC targets solutions across key sectors like energy, buildings, transportation, and food systems. Its portfolio companies are reshaping industries by turning climate innovations into scalable, cost-competitive businesses.

European Circular Bioeconomy Fund (ECBF) is the leading venture capital impact fund exclusively focused on the circular bioeconomy. With $350 million (€300 million) AUM, ECBF invests $2.3-11.6 million (€2–10 million) in high-potential growth-stage companies across sectors like agtech, food, industrial biotech, and biomaterials. The fund aims to help Europe transition to a climate-neutral, nature-aligned economy by 2050, in line with the European Environmental Goals.

Nysnø Climate Investments is a state-owned investment company that invests in companies and funds with technology for reducing greenhouse gas emissions. Nysnø has assets under management of NOK 5.4 billion and invests in renewable energy, digital technologies, resource efficiency, sustainable consumption, and the circular economy. The company is headquartered in Stavanger and is owned by the Ministry of Trade, Industry, and Fisheries.

Speedinvest is one of Europe’s most active early-stage venture capital firms, with over €1 billion in assets under management. Its sector-focused teams and in-house experts provide founders with hands-on support across growth, operations, and business development. Speedinvest backs bold entrepreneurs across deep tech, fintech, climate tech, SaaS, and more.

Sandwater is a Nordic venture capital firm investing in early-stage growth companies in resource efficiency, energy transition and productivity and resilience. Sandwater was established in 2021 by a team with extensive industry experience.

Momentum is a Norwegian venture fund aiming to accelerate sustainability, efficiency, and resilience across energy, food/agriculture, and industry. Momentum typically invests at the seed stage and actively supports its portfolio companies through their growth stages.

Ferd is a family-owned Norwegian investment company committed to value-creating ownership across both businesses and financial assets. Ferd is invested in Nofence through Ferd Impact Investing, which invests in early-stage climate tech companies and funds that have the potential to deliver both a positive climate and environment impact and a solid risk-adjusted return.

About European Circular Bioeconomy Fund (ECBF VC)
The European Circular Bioeconomy Fund (ECBF VC) is a private venture capital fund dedicated exclusively to the bioeconomy and circular economy. Anchored by the European Commission, it invests in visionary European entrepreneurs driving the transition from a fossil-based to a bio-based economy. The ECBF aims to catalyse the transition to a sustainable future by investing in later-stage companies with high innovation potential, favourable returns and sustainable impact. Founded in 2020 and with a total of €300 million under management, ECBF is focused on deploying capital in attractive and impactful companies based in the EU-27 or 16 HORIZON 2020 associated countries. Based in Luxembourg, the fund is managed by Hauck & Aufhäuser Funds Services S.A. as Alternative Investment Fund Manager (AIFM) and advised by the experienced investment team of ECBF Management GmbH based in Germany. www.ecbf.vc

Press contact | ECBF Management GmbH
Cornelia Mann | pr@ecbf.vc| +49.160.892.774.4