DBL Partners and GV have led a $40 million financing round for Farmers Business Network.
FBN launched in 2014 as a data platform to “democratize” farming supply pricing information in a sector that profits off of farmer loyalty and opaque pricing.
The network lets members compare costs for farm inputs like fertilizers and seeds. It also provides loans and direct sales for members, who pay a $600 annual fee.
The company, based in San Carlos, Calif., and Sioux Falls, S.D., raised $40 million, bringing its total funding to $88 million, according to TechCrunch.
DBL led the round with GV, formerly known as Google Ventures. FBN supports more than 3,000 farmers managing 12 million acres of land across the U.S.
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Photo credit: FBN