SAN CARLOS, Calif. & CHICAGO--(BUSINESS WIRE)--Farmers Business Network® (FBN®) the global farmer-to-farmer network and ag tech company, today announced the closing of $300 million in Series G funding. The round was led by Fidelity Management & Research Company LLC with participation from LN Mittal Family Office, ADM Ventures Investment Corp., Colle Capital Partners, Walleye Capital, and Tudor Investment Corporation.
The financing included existing investors: funds and accounts managed by BlackRock, certain funds managed by Fidelity Investments Canada ULC, Temasek, funds and accounts advised by T. Rowe Price Associates, Inc., GV, Baron Capital Group, DBL Partners, BAM Elevate.
FBN will use the capital for general corporate and working capital purposes and to fuel the growth of both its FBN Direct and FBN Financial platforms. FBN intends to hire over 350 new team members in the next year and make significant investments in technology and data science.
In particular, FBN will expand its financial offerings with new land, operating and equipment loan and insurance products to meet all the financial needs of farmers. IP investment in FBN Direct will focus on crop protection, seed breeding and biologicals, and robotics with on-farm research and development.
The funds will also support FBN’s Gradable® platform to measure and verify the carbon score of grain and other crops. With the Gradable platform, farmers can also connect with grain buyers who are looking to source low-carbon, higher-premium bushels.
"Our mission is always to increase the profit potential of family farms and this investment will enable us to continue to innovate for our network of more than 33,000 farmers whose operations span North America and Australia," said Amol Deshpande, CEO and Co-Founder, FBN. "We continue to invest in IP and technology that deliver industry-leading efficiency, choice and price transparency for purchasing ag inputs while we scale our fintech and sustainability platforms to provide farmers the information and data they need to make the best choices for their own bottom lines.”
FBN will expand its FBN Direct® best value, direct-to-farm inputs platform that includes seed, crop protection, biologicals, and its R&D Network. It will also continue to build out its unique direct-to-farm agriculture logistics network.
FBN is an advocate for family farmers and ranchers and is committed to the premise that true price transparency levels the playing field for farmers – regardless of geography or size – and also enhances competition at the manufacturing, wholesaling and retailing level.
By providing timely and transparent pricing on crop protection products, biologicals, seeds, technology, and services, as well as ecommerce purchasing and financing options, FBN arms farmers with the tools they need to make the best decisions for their business, their families and the planet.
Farmers Business Network, Inc. is an independent ag tech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world, while working toward a sustainable future. Its Farmers First® promise has attracted more than 33,000 members to the network with a common goal of maximizing their farms’ profit potential. FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops.
FBN members farm more than 80 million acres in the U.S., Canada and Australia. The company has over 800 personnel and offices in San Carlos, CA., Chicago, Ill., Sioux Falls, S.D., a Canadian headquarters in High River, Alberta, and an Australian headquarters in Perth.
To learn more, visit: www.fbn.com.
*Fees may apply for certain product and service offerings other than FBN membership.
The sprout logo, “Farmers Business Network”, “FBN”, “FBN Direct” and “Farmers First” are registered trademarks or service marks of Farmer’s Business Network, Inc. or its affiliates. Gradable is a registered trademark of Gradable LLC.