Bushel, a US-based developer of supply chain management software for the agricultural sector, has completed a $19.5m series B round led by agribusiness Continental Grain Company.
The round included venture capital firms Lewis & Clark AgriFood and Germin8 Ventures as well as undisclosed additional investors. It came after a $1.5m seed round led by Gen7 Investments, and $7m in funding from unnamed private investors in May 2018.
Founded in 2015 as an offshoot of enterprise software developer MyriadMobile, Bushel develops software-led products that enable farm management clients to digitise aspects of their supply chain.
The company’s first product is an informatics tool for the grain industry that connects buyers with real-time supply data like traceability, sustainability and production levels.
The technology is currently used by 20,000 producers and 1,200 grain receiving locations – known as elevators in industry parlance – which access the system through an app that is integrated with their accounting infrastructure.
The funding will go to Bushel’s product development plans, including the creation of supply chain platforms for other areas of agriculture.
Jake Joraanstad, co-founder and chief executive of Bushel, said: “We are excited to have this group of incredible investors support us in our efforts to build software that strengthens relationships between consumers, grain buyers and producers.
“This is one of the most impressive groups of investors in the agtech space today. Our independent and nimble approach in this market continues to resonate with our customers. This funding will help accelerate our product offerings for grain buyers, the producers they do business with and the entire agriculture supply chain.”