GrainChain, a McAllen, TX-based company blockchain powered agricultural supply chain tracking platform, raised $29m in funding.
Backers included Overstock, Pelion Venture Partners, Brigham Young University (via BYU Cougar Capital) and others.
The company, which has raised a total of $39.7m, intends to use the funds to accelerate growth in the U.S. and Latin America.
Led by CEO and Co-Founder Luis Macias, GrainChain is a technology company that provides a suite of products that helps facilitate transactions and financing to agricultural players by digitizing the supply chain and reducing counterparty risk. Its software ecosystem connects and enhances supply chain visibility for all players, empowering producers and suppliers while reducing risks to lenders and buyers. With agriculture markets facing substantial economic challenges over the last few years, the company has increasingly focused on facilitating access to liquidity for producers to help them run their operations seamlessly.
GrainChain has been supporting operations for MasterBarter in Brazil since 2020, one of four regions where the company currently operates (along with the U.S., Mexico and Central America).
FinSMEs