Growers Edge Financial has raked in $40m for its Series B round, which will help it to grow into new markets in the US.
S2G Ventures, Cox Enterprises and Skyline Global Partners led the round. Other contributions came from Bunge Ventures, the investment division of food company Bunge, and Finistere Ventures, a food-focused investment firm.
With the close of the round, the company will expand its data science team, enhance its AI technology and expand into new markets across the US and around the world.
Growers Edge aims to help farmers adopt new technologies and increase profitability. The company, which is headquartered in Iowa, solves the financial gaps of farmers by changing how agricultural inputs and services are sold.
The platform uses data science, public and private data sets and deep learning algorithms to design warranty-backed crop management plans. These reduce a farmer’s risk and help them plant, nurture and harvest crops.
Growers Edge CEO Dan Cosgrove said, “Demand for data-driven financial solutions that can meet the ag industry’s unique needs to increase both sustainability and profitability is intensifying. Growers Edge is committed to closing current financial gaps so all farmers and agribusiness players can fully embrace the next era of agtech adoption and sustainable ag.
“Tapping the expertise and expansive networks of our exceptional investor team, we want to serve as the catalyst for widespread, global adoption of the technologies that can improve farmers’ lives, ensure food security and make ag more sustainable.”
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