The Farmers Business Network raised an impressive $110m in a new series D funding round, bringing their total funding to $200m.
The social network for farming has created many overdue services, allowing farmers to share data, source questions, and bargain for better third-party pricing on harvest resources.
In other words, the FBN is helping the farming industry tractor its way into the 21st century in a big way.
What’s the plan?
According to TechCrunch, the company is going to use the funds primarily to strengthen their new e-commerce leg.
Doing so will improve farmers’ ability to purchase products like various crop care materials (such as herbicides and fungicides) and new technologies — all at a “lower-than-average” cost.
They’ll also be building out a marketing device to connect farmers with possible buyers of any specialty crops they may harvest.
Out with the old, in with the new
Studies show the number of farmers under 35 years old has increased recently for only the second time this century, and 3-year-old FBN seems to be a product of the new gen.
This new wave is focused on using better, more environment-friendly tools at lower prices, growing the “local-food movement,” and patching up some fiscal woes the industry has endured as of late.
And that’s good news for all of us.