Bloomberg writer Katie Roof reported today that, “Farmers Business Network Inc. [FBN] says it raised $250 million in financing to expand its agriculture technology platform.
“The financing round was led by BlackRock Inc., with participation from investors including Lupa Systems, T. Rowe Price Associates Inc., GV and Kleiner Perkins.
“The investment values the company at about $1.75 billion, according to two people familiar with the matter, who asked not to be identified because the information isn’t yet public. It was last valued about $1.1 billion last year, according to PitchBook Data Inc. The company declined to comment on its valuation.”
The Bloomberg article added that, “San Carlos, California-based Farmers Business Network has a data and analytics platform that helps farmers with a range of functions, from pricing to marketing. The new capital will be used to expand its seed and crop protection business, which aims to help farmers reduce their cost of production.
“Amol Deshpande, chief executive officer and co-founder, said saving farmers money is more important than ever, as many agricultural businesses were harmed by the pandemic.”
