FarmLead has raised $6.5 million for its online grain marketplace.
The platform, launched in Ottawa in 2013, connects 4,000 grain growers to buyers outside of their local markets and collects a $1 per metric ton fee from both parties.
Founder Brennan Turner says the platform gives small farmers better negotiating power, especially in today’s low-priced commodities markets.
Some farmers are even able to sell low-quality or spoiled goods. The Series A funding included an unlikely impact investor, agrochemical giant Monsanto, which led the round through its Monsanto Growth Ventures fund.
Canada-based Avrio Ventures and the MaRS Innovation Accelerator Fund als participated. FarmLead will use the latest funding to launch in the U.S. and establish headquarters in Chicago.
This post originally appeared in ImpactAlpha’s daily newsletter. Get The Brief.
Photo credit: Michigan Ag Council
