Farmer’s Business Network raises $250 million
Farmer’s Business Network, the “direct-to-farm ag tech platform and farmer network,” has raised $250 million in Series F funding. The round was led by funds and accounts managed by BlackRock, with participation from new investors Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich. Existing investors DBL Partners, Temasek, funds and accounts advised by T. Rowe Price Associates, Inc., GV, Expanding Capital, and Kleiner Perkins also took part in the funding. Certain funds managed by Fidelity Investments Canada ULC and affiliates also participated in the financing.
Founded in 2014, Farmers Business Network provides a network of data and market services for thousands of member farmers who use its platform. The 600-person company has attracted over 12,000 members to the network with a common goal of maximizing their farm’s profit potential, covering more than 40 million acres of member farms in the US, Canada and Australia. The company also offers a full suite of insurance products through its licensed agency, FBN Insurance LLC.
“Our mission as a company is to improve the profitability of farming families around the world for generations to come. Many farmers and ranchers were already struggling before the disruption and financial challenges brought on by the pandemic. We will double down on putting farmers first by further investing in technologies that lower costs, improve transparency and create local community development opportunities in rural areas.” – Amol Deshpande, FBN cofounder and CEO.