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The buzz around the next generation of agritech is part of the โA Different Angleโ film series, exploring the role of private equity and venture capital in European society.
This unique film series, presented by Invest Europe, the worldโs largest association of private capital providers, and produced by BBC StoryWorks Commercial Productions, brings to screen the human stories at the heart of the businesses that are driving change and fuelling growth through private capital.
A Different Angle aims to improve the understanding of private equity and venture capital, demystifying the virtuous circle of investing that supports our pensions and savings while exploring the true nature of innovation in Europe. It will also raise awareness about the expertise injected into businesses alongside capital, and how profit and purpose, such as high social and environmental goals, can work in harmony to produce better returns for investors and society.
Ex-IT engineer turned beekeeper with 20 hives on the outskirts of Bucharest, Romania, Bogdan Iordache created Apiary Book app in 2015, thanks to a European Investment Fund-backed venture capital fund.
No digital monitoring and tracking device existed before, making this a one man mission to stop people chronicling notes in marker pen on the roof of their hives and instead create a data-sharing global community translated into 17 languages. This is a story about securing jobs for future beekeepers and inspiring the potential farmers of the next generation. We also tell the bigger finance story of the birth of the Eastern Europe Venture Capital ecosystem via this tale of a global love of bees and how a world without them would destroy the delicate balance of the Earth's own ecosystem and affect global food supplies.
With private equity and venture capital-backed companies employing some 10.2 million people across Europe in 2019 (and some 186,000 in the agriculture sector alone), the next generation can be enticed into agriculture, using tech knowledge to transform archaic and often non-scalable practices into viable and profitable businesses.
All my friends told me, โYou are crazy, Bogdan! Bees? Come on!โ They said, โYou are a naughty guy.โ They asked me, โDo you know what to do with the bees?โ I said no, but Iโm willing to learn. My name is Bogdan, Iโm the founder of Apiary Book, an agritech startup. We are in love with the bees because bees are beautiful creatures, working hard and supporting each other. We take honey from the bees, but we also want to give something back to them as a community. I like to take photos in big cities like Bucharest. I started this hobby 15 years ago. I took a lot of pictures and realized that the city is growing. Also, the startup ecosystem is growing and growing each year.
Iโm Iridom Godfield, the Chief Executive of Invest Europe, the trade association representing private equity, venture capital, and infrastructure across Europe. Agriculture is one of the most important sectors in Europe. Private equity and venture capital are supporting 1.2 million jobs across Europe. What I find amazing is that when youโre investing in a company, youโre actually investing in a team and the people you meet.
I graduated in computer science 25 years ago. I worked a lot in the software development industry. Seven years ago, I decided to spend more time in nature. I bought my first hives and started my beekeeping journey. It is important to track your activities in the apiary. Some beekeepers put rocks on the beehives that have problems; some use permanent ink and write directly on the beehive. If you use an application like Apiary Book, you can record everything and organize better.
Yes, when we saw Bogdanโs application, we immediately loved the product. My name is Christina Tonko, Iโm cofounder of the accelerator dedicated to mentoring early-stage startups to increase their knowledge and business development. We are in partnership with Skipminder and Vendor Gardner, who are investing in them.
Iโm Dan Michelsko, the founding partner of Get Mind Adventures. We met Bogdan in 2018 through contests that we ran for more than 120 companies. We saw very early that Apiary Book had the potential to become the largest community of beekeepers. There are now more than 220,000 beekeepers on the platform. In the latest round, we received 200,000 euros. The money allowed us to hire more people and increase our marketing and sales.
Since we have given the world our first unicorns, venture capital funds are looking with much more interest towards Romania and the region. The European Investment Fund helped kick off the startup and VC ecosystem in Romania, which is now on its way to becoming the Silicon Valley of Central Europe. We are very optimistic that we will have more and more success stories coming from this part of Europe.
We have big plans. We want to increase the team from 7 to 20. We want to launch Apiary Academy. I am teaching my son how to handle the bees because we need to prepare the new generations to carry on this activity.
Investing in businesses that have a local footprint helps a number of people earn their livelihood while staying where they live. We are actually helping them develop the best possible strategy for sustainability and, in that respect, helping them create jobs. Apiary Book can provide fantastic support for beekeepers to meet this important goal for humankind.
This video was produced for Invest Europe by BBC StoryWorks, the commercial content division of BBC Global News.
(not available to UK audiences.)