The sun is shining over VitalFields. TMT Investments announces it has put in a €100,000 convertible note giving Tallinn-based VitalFields a push into the new year to continue to develop their farm management solution. The company is run by CEO Martin Rand and CTO Vahur Meus.
Some of our readers may remember VitalFields by their old name, WeatherMe, when they participated in the pilot program of Estonia's Startup Wiseguys accelerator starting spring of 2012. As WeatherMe their focus was to provide accurate weather modeling for a certain location for anyone, with some focus on farmers, but as they've fleshed out the product they've moved closer to a comprehensive farm management solution.
VitalFields now does two major functions for farmers. First, they help predict yields by tracking climate and weather patterns, while additionally modeling plant disease and growth phases. And secondly, they've built a farm management solution, doing everything from planning farm activities to stock management and P&L reports.
With these analytics and tools,
TMT's investment announcement broke down how their convertable note works, so we included it below.
- Interest rate - 15% per annum.
- Term - Unless previously converted, the Note will be repayable in whole or in part at par at the option of investors holding a majority of the Notes on any dateafter the first anniversary of the Note.
- Conversion -
Automatic conversion : Any outstanding principal and unpaidaccrued interest on the Note will be automatically converted into VitalFields’ equity securities upon the earliest of (i) closing of the next equity financing, or (ii) change of control of VitalFields, in either case at an equity valuation equalto the lower of (a) 90% of the equity valuation of VitalFields applicable tothe next equity financing or change of control, or (b) €3,500,000 for thewhole of VitalFields’ fully diluted common stock.Optional conversion: prior to a change of control of VitalFields orat anytime after the first anniversary of the Note, any outstanding principal and unpaid accrued interest on the Note may be converted at the option of investors holding a majority of the Notes at an equity valuation equal to €3,500,000 for the whole of VitalFields’ fully diluted common stock.