FBN will use the funds to expand its Farmers First FBN Direct range of direct-to-farm inputs, including seed, crop protection and biologicals
Farmers Business Network has secured $250m funds to advance direct-to-farm services. (Credit: Schwoaze/Pixabay)
Farmer’s Business Network (FBN) has secured $250m in series F funding to advance its direct-to-farm services and enhance the profit potential of family farms.
The funding round has been led by funds and accounts managed by BlackRock, with Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich, as new investors.
The funding round has also included participation from existing investors such as DBL Partners, Temasek, funds and accounts advised by T. Rowe Price Associates, Expanding Capital and Kleiner Perkins, as well as certain funds managed by Fidelity Investments Canada ULC and affiliates.
FBN will use the funds to expand its Farmers First FBN Direct range of direct-to-farm inputs such as seed, crop protection and biological, enabling farmers to minimise their cost of production.
The funds will also be used to build an advanced suite of CMFS solution
The company will also use the funds to develop an advanced suite of FBN Crop Marketing and Financial Services (CMFS) solutions, which will allow farmers to maximise the value of their crops.
The CMFS platform will help provide advanced platforms to efficiently manage risk or get significant financial services such as insurance or loans.
Currently, FBN has more than 12,000 members who farm over 40 million acres across the US and Canada.
Last month, FBN also launched operations in Australia following the acquisition of ag tech company Farmsave.
FBN co-founder and CEO Amol Deshpande said: “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.”
In February this year, Freight Farms secured $15m in Series B funding to boot the technical capabilities of its platform to better serve the global network of farmers and corporate partners.