Farmers Business Network (FBN), the global farmer-to-farmer network and agtech company, announced the closing of $300 million in Series G funding. The round was led by Fidelity Management & Research Company LLC with participation from LN Mittal Family Office, ADM Ventures Investment Corp., Colle Capital Partners, Walleye Capital, and Tudor Investment Corporation.
The financing included existing investors: funds and accounts managed by BlackRock, certain funds managed by Fidelity Investments Canada ULC, Temasek, funds and accounts advised by T. Rowe Price Associates, Inc., GV, Baron Capital Group, DBL Partners, BAM Elevate.
FBN will use the capital for general corporate and working capital purposes and to fuel the growth of both its FBN Direct and FBN Financial platforms. FBN intends to hire over 350 new team members in the next year and make significant investments in technology and data science.
In particular, FBN will expand its financial offerings with new land, operating and equipment loan and insurance products to meet all the financial needs of farmers. IP investment in FBN Direct will focus on crop protection, seed breeding and biologicals, and robotics with on-farm research and development.
The funds will also support FBN’s Gradable platform to measure and verify the carbon score of grain and other crops. With the Gradable platform, farmers can also connect with grain buyers who are looking to source low-carbon, higher-premium bushels.
FBN will expand its FBN Direct best value, direct-to-farm inputs platform that includes seed, crop protection, biologicals, and its R&D Network. It will also continue to build out its unique direct-to-farm agriculture logistics network.