Farmers Business Network℠ Raises $250M in Series F Funding to Expand Direct-to-Farm Services, Accelerate Innovation and Improve the Profit Potential of Family Farms
Financing led by funds and accounts managed by BlackRock, alongside Baron Capital Group and Balyasny
Farmer's Business Network, Inc. (FBN℠), the leading direct-to-farm ag tech platform and farmer network, today announced the closing of $250 million in Series F funding. The round was led by funds and accounts managed by BlackRock Inc., with participation from new investors Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich.
Existing investors DBL Partners, Temasek, funds 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 and affiliates also participated in the financing.
FBN will use the capital to expand its Farmers First℠ FBN Direct℠ range of best value, direct-to-farm inputs including seed, crop protection and biologicals, which help farmers reduce their cost of production. It will also invest in continuing to build out its suite of cutting-edge FBN Crop Marketing and Financial Services solutions that help farmers maximize the value of their crops.
"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," said Amol Deshpande, FBN Co-Founder and CEO. "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."
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.
FBN's emerging Crop Marketing and Financial Services ("CMFS") platform is providing the most technologically sophisticated platforms to help manage risk or get key financial services such as insurance or loans. The CMFS platform is also building robust capabilities around sustainability opportunities that are already resulting in premiums and incentives for farmers who participate in land stewardship.
FBN continues to grow its membership and now has over 12,000 members who farm over 40 million acres across the US and Canada. FBN last month announced the launch of FBN in Australia following the acquisition of Farmsave, a leading Australian ag tech company.
"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," Deshpande said.
Farmer's 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 towards a sustainable future. Its Farmers First® promise has attracted over 12,000 members to the network with a common goal of maximizing their farm's 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.
The FBN network has grown to cover more than 40 million acres of member farms in the U.S., Canada and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 600 personnel 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.
To learn more, visit: www.fbn.com.