Farmers Business Network falls under the new “AgTech” header, which you won’t find on FintekNews, but is a growing tech sector encompassing fintech. The firm combines big data and P2P networking as part of its multi-faceted product mix. We wrote about this firm last year when they raised their last $20M round. I waxed rather poetic in that last post, as my late (and very missed) father, Douglas Boomgarden, was a well known farmer and farm auctioneer from Illinois, and I personally love the mission of this company.
As noted on our prior post, the company assists in financing for acquisitions and operations, offers group discounts on farm chemicals through their procurement operations, and provides price analytics and many more features that help independent farmers understand what’s going on and compete more effectively in the marketplace overall. They’re also on a hiring spree right now, and hiring individuals in state territories, engineering and sales, so on the up.
“GV (formerly known as Google Ventures) and DBL Partners co-led a $40 million investment in Farmer’s Business Network, Inc., the company announced on Tuesday. FBN started as something of a professional network for farmers and other agronomists. It allowed people working in agriculture to anonymously share information about what they were paying for seeds, fertilizers and other “inputs” that they need to raise healthy crops. It also allowed them to exchange information about the effectiveness of all of these products.
Bringing crowdsourced, price transparency and product information to the industry would help farmers negotiate for fair prices, FBN founder Amol Deshpande believed. The company claims to be saving farmers up to 50 percent on all the inputs they buy through the site’s service FBN Direct….”
Read Full Article at TechCrunch
Total Equity Funding
$83.9M in 5 Rounds from 4 Investors
Most Recent Funding
$40M Series C on March 7, 2017