Farmers Business Network, a San Carlos, CA and Sioux Falls, South Dakota-based global farmer-to-farmer network and ag tech company, closed a $300m Series G funding round.
The round was led by Fidelity Management & Research Company with participation from LN Mittal Family Office, ADM Ventures Investment Corp., Colle Capital Partners, Walleye Capital, and Tudor Investment Corporation. The financing included existing investors: funds and accounts managed by BlackRock, certain funds managed by Fidelity Investments Canada ULC, Temasek, funds and accounts advised by T. Rowe Price Associates, Inc., GV, Baron Capital Group, DBL Partners, BAM Elevate.
The company will use the capital to accelerate the growth of both its FBN Direct and FBN Financial platforms, hire over 350 new team members in the next year and make investments in technology and data science, expanding its financial offerings with new land, operating and equipment loan and insurance products. IP investment in FBN Direct will focus on crop protection, seed breeding and biologicals, and robotics with on-farm research and development.
The funds will also support FBN’s Gradable® platform to measure and verify the carbon score of grain and other crops. With the Gradable platform, farmers can also connect with grain buyers who are looking to source low-carbon, higher-premium bushels.
Led by Amol Deshpande, CEO and Co-Founder, Farmers Business Network is an independent ag tech platform and farmer-to-farmer network of more than 33,000 members with more than 80 million acres in the U.S., Canada and Australia. The company has over 800 personnel and offices in San Carlos, CA., Chicago, Ill., Sioux Falls, S.D., a Canadian headquarters in High River, Alberta, and an Australian headquarters in Perth.