Louisa Burwood-Taylor reported yesterday at AgFunderNews Online that, “Farmers Business Network (FBN), a farmer-to-farmer digital network offering data insights, input procurement, and crop marketing services, has raised $110 million in Series D funding.
“FBN is one of just a few farmtech startups that have raised rounds larger than $100 million: vertical farming group Plenty and biological inputs startup Indigo are two recent examples. This latest round brings FBN’s total fundraising to $200 million.
“The round attracted new, lead investment from two large institutional investors: global asset management firm T. Rowe Price and Singapore state fund Temasek. These lead investors typically invest in later stage, private equity deals, highlighting how far FBN has come since its founding three years ago, argues Charles Baron, cofounder and VP of product.”
Yesterday’s article added that, “‘These are blue chip investors who are investing in the growth and proven track record FBN has built,’ he told AgFunderNews. ‘We’ve built a phenomenally high-growth business with membership doubling year-on-year to nearly 5,000 farms around the US across 16 million acres, taking on another million acres each month.’
“To put this in perspective, there are about 50,000 large-scale farms growing commodity crops like corn and soy in the US where FBN has focused most of its attention.
“Existing investors Acre Venture Partners, Kleiner Perkins Caufield & Byers, GV (Google Ventures) and DBL Partners also participated in the round.”
