Farmers Business Network, an online platform for farmers to share analytics, purchase materials and sell their product, announced today that it has raised a $110 million Series D round of funding. This latest money will go towards bolstering its existing services as well as international expansion.
For a $600 a year subscription, Farmers Business Network (FBN) provides a number of digital services that allow farmers to connect with one another and share their data. By aggregating this information, FBN allows farmers to learn about various farm optimization techniques, and creates price transparency for inputs such as seed and fertilizer.
FBN also has a both end e-comerce platform that not only sells inputs directly to farmers, but can also serve as a marketing service selling farmers’ outputs directly to food buyers.
FBN Co-Founder and VP of Product, Charles Baron told AgFunder News that FBN’s membership is “doubling” year over year and currently has roughly 5,000 member farms across 16 million acres. Baron also said the company wants to remain independent and expects to go public in 2 – 5 years.
Ag retailers are not necessarily as thrilled by the success of FBN, however. CropLife reports complaints among retailers include FBN cutting into already thin margins, and questioning whether it can sustain as a long-term business. Having said that, these same retailers agreed that FBN can’t be ignored.
FBN’s Series D was led by two institutional investors: T. Rowe Price and Singapore state fund Tamasek. The company has raised $200 million to date.