GV, a corporate venturing subsidiary of internet technology group Alphabet, has co-led a $40m series C round for US-based data sharing platform Farmer’s Business Network (FBN) on Wednesday.
The round was co-led with venture capital firm DBL Partners and included Acre Venture Partners, the $125m fund formed by packaged food producer Campbell Soup, as well as VC firms Bow Capital and Kleiner Perkins Caufield & Byers (KPCB).
Founded in 2014, FBN has built a social network used by famers to anonymously exchange information on a range of topics including pricing and performance.
Users can also benefit from reduced prices for various goods and equipment, supplied by partner manufacturers through a transparent pricing system.
Andy Wheeler, general partner at GV, said: “The rising input costs and dips in commodity prices are making it harder than ever to start and maintain a farm.
“By providing access to critical data about what’s working for other farmers and how much they’re paying for different inputs, the FBN network is driving the next wave of yield increases in agriculture for farmers.”
The round, which Forbes estimates values FBN at $400m, took the company’s overall funding to almosr $88m, GV having led a $15m series B round in 2015 that included existing investors DBL and KPCB.
The three subsequently took part in a $20m round in August 2016 led by Acre Venture Partners that valued FBN at approximately $193m, according to Pitchbook.