Farmers Edge to pursue Canadian IPO
Winnipeg-based digital agriculture company Farmers Edge announced that it is looking to become a publicly-traded company in Canada seeking to raise about C$100 million.
Founded in 2005, Farmers Edge risk management platform, FarmCommand, automates all data transactions between growers and insurers by delivering hyper-local, high-density insights such as daily satellite imagery and site-specific weather conditions, to detect claims and trigger instant payouts. Its Smart Claim and Smart Reporting tools power automated record-keeping, claim predictions and notifications, claim adjustments, crop classifications, and fraud detection.
One crucial piece is the Farmers Edge weather stations installed directly on the farm which combined with Munich Re’s reinsurance provides growers with parametric protection that mirrors the impact of weather events as they occur on their fields.
It has raised over $103 million to date and is backed by Fairfax Financial Holdings.