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.
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Photo credit: Michigan Ag Council