Farmer’s Business Network (FBN), the US-based creator of an online network for farmers, secured $20m in funding yesterday from backers including GV, the corporate venturing arm of internet technology conglomerate Alphabet.
The round was led by venture capital fund Acre Venture Partners and included VC firms Kleiner Perkins Caufield & Byers (KPCB) and DBL Partners. It increased FBN’s overall funding to almost $48m.
FBN operates a network that enables farms to communicate with each other and share information on subjects such as manufacturer direct prices and seed performance.
The network was launched in early 2015 and it now includes more than 2,500 farms across 31 US states. Membership costs $500 per year.
The funding will be used to expand the network and further develop features such as its farm analytics capability and FBN Procurement Services, a transparent farm product buying system that helps FBN members get equipment or supplies at lower prices.
GV, then known as Google Ventures, led FBN’s $15m series B round in May 2015, investing together with DBL and KPCB. KPCB had provided $5.6m in series A capital for the startup in April 2014 before DBL added $3.3m in June.