GV( previously known as Google Ventures ) and DBL Partners co-led a $40 million investment in Farmers Business Network, Inc ., the company announced on Tuesday. FBN started as something of health professionals network for farmers and other agronomists. It allowed people working in agriculture to anonymously share information about what they were paying for seeds, fertilizers and other inputs that they need to raise health crops. It likewise allowed them to exchange information about the effectiveness of all of these products.
Bringing crowdsourced, price clarity and product information to the industry would be facilitated farmers negotiate for fair rates, FBN founder Amol Deshpandebelieved. The company claimed responsibility for saving farmers up to 50 percentage on all the inputs they buy through the sites service FBN Direct.
Formerly known as FBN Procurement, FBN Direct allows users to buy 500 different farm substances, fertilizers, seeds and seed treatments, at rates they set themselves. They tell FBN what price they are willing to pay, and then the tech startupgoes out to attain what they need at that established price. Farmer-members of FBN canopt topick up their suppliesat a nearby storehouse, or have them shipped to their farm.
Along with GV and DBL Partners, investors in FBNs Series C round of funding included Bow Capital and FBNs earlier benefactors, Acre Venture Collaborator and Kleiner Perkins Caufield& Byers( KPCB ). Venture capitalists have increasingly plowed funding into agriculture tech bargains ever since the sale of Climate Corp. to Monsanto for about$ 1 billion in 2013. The presence of large-scale, acquisitive companies and the uptake to new technologies like drones, robotics and sensors by farmers are all driving the investment trend.
The new funding forFBN brings the companys total capital heightened to $88 million. Last-place summertime it announced a $20 million round led by Acre.
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