US-based agricultural trade association Western Growers is expected to raise over $4 million from its members to fund technological innovation in agriculture, The Californian has reported.
The fund will be managed by venture capital firm Silicon Valley Venture Partners under the new banner of Western Growers Centre for Innovation and Technology, and will be headquartered in Salinas, California.
The unit will invest in startups developing technology that can make the different branches of agriculture more effective and efficient.
Allocation of the funds will be decided by an advisory board made up of fund partners and technical experts based on business pitches made by hopeful companies, and in addition to capital, the scheme will also provide startups with access to the business acumen of Western Growers’ members.
The fund aims to see a return on its investment by either selling the technology on at a more mature stage or taking prospective portfolio companies to market in an initial public offering.
Western Growers has over 2,000 members largely based in California, Arizona and Colorado covering different areas of agriculture including farming, wine production and information services.
– Image courtesy of Western Growers Association