San Carlos, California-based Farmers Business Network Inc.(FBN) has secured US$ 250M in a Series F funding round held in August 2020, led by BlackRock Inc., with participation from new investors Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich.
Present investors DBL Partners, Temasek, capitals 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 also took part in the round.
Capital raised will be used to expand its Farmers First FBN Direct range of direct-to-farm inputs including seed and crop protection which help farmers diminish their cost of production. Additionally, it will also invest in continuing to create its collection of pioneering FBN Crop Marketing and Financial Services solutions that help farmers make the best use of the value of their crops.
About Farmers Business Network
Farmers Business Network is a non-biased farmer-to-farmer network and e-commerce space that was launched in 2014. Amol Deshpande and Charles Baron co-founded the startup. In 2016, FBN started an online input buying system called FBN Direct. The platform provides data on seed prices and performances to help farmers in agronomic resource management. FBN is a supporter of family farmers and landowners. By providing judicious and transparent pricing on crop protection products, seeds, technology and services, as well as ecommerce purchasing and funding options, FBN aids farmers with the tools they need to make the best decisions for their business. FBN works on the vision that true price transparency positions all the farmers at the same level, irrespective of geography or size, and also increases competition at the manufacturing, wholesaling and retailing level.
FBN’s developing Crop Marketing and Financial Services (“CMFS”) platform is offering the most technologically powered platforms to help manage risk or get insurance or loans. The CMFS platform is also building strong sustainability opportunities that are already resulting in premiums and incentives for farmers who participate in land management.
FBN continues to grow its connections and now has over 12K members who farm over 40 million acres across the US and Canada. FBN announced its launch in Australia in June 2020 following the purchase of Farmsave, a leading Australian agri-tech company. Deshpande said, “We intend to work with our farmer customers globally to help bring more products and services to market that benefit their P&L, as well as the communities around them.”
FBN is on a mission to power the prosperity of farmers around the world while also working towards ensuring a sustainable future. The startup has over 600 employees and offices in San Carlos, Calif., Chicago, Ill., Sioux Falls, S.D., a Canadian Headquarters in High River, Alberta and an Australian Headquarters in Perth.
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