ADVERTISEMENT

Farming Software Maker Valued at $4 Billion in Round

Farming Software Maker Valued at $4 Billion in Round

Farmers Business Network Inc. has raised $300 million in financing to power its software for the agricultural industry.

The latest funding values the business at $4 billion, more than double the $1.75 billion it was valued at in a round last year, according to a person familiar with the matter, who asked not to be identified discussing private information.

The investment was led by Fidelity Management & Research Co., with participation from ADM Ventures Investment Corp. and GV, as well as funds and accounts managed by BlackRock Inc. or advised by T. Rowe Price Associates Inc.

Farmers Business Network could go public as soon as next year, co-founder and Chief Executive Officer Amol Deshpande said in an interview. “We’re certainly of a scale where we can IPO, without a shadow of a doubt.”

The San Carlos, California-based business has a platform that helps farmers gather data affecting their business, such as pricing.

The company said it will use the new capital to grow both its FBN Direct and FBN Financial platforms, and also to hire 350 employees. It will expand its financial offerings in the areas of loan and insurance products, and also spend some of the new capital on crop protection and robotics.

Andy Wheeler, a general partner at GV, said that the firm is doubling down on its investment because “farmers are definitely quite squeezed” within their supply chains. “The whole thing was basically created to help the farmers have a better negotiating position,” Wheeler said. 

©2021 Bloomberg L.P.