US-based agricultural data software developer Farmobile closed an $18.1m series B round on Friday that included crop insurance provider AmTrust Agricultural Insurance Services.
AmTrust was joined by Anterra Capital, the growth capital fund backed by subsidiaries of financial services group Fidelity International and financial services firm Rabobank, and unnamed existing backers.
Founded in 2013, Farmobile has created a software platform that helps farmers collect, store and manage agricultural data that can also be sold to vetted third parties. It also generates electronic field records as it goes.
The round increased Farmobile’s overall funding to more than $28m. Anterra Capital led its series A round, which closed at $5.5m in December 2015, before the company secured $2m in debt financing in October 2016.
Jason Tatge, co-founder and CEO of Farmobile, said: “We will accelerate development of distribution channels in ag retail, [original equipment manufacturing] and equipment dealerships, and insurance.
“Connecting these channels with farmer-permissioned raw data sets will revolutionise the way new products are brought to market and performance is measured. Our mission is to make sure farmers, worldwide, have access to a cost-effective strategy to collect, protect and own their digital assets with a clear path to [return-on-investment] opportunities.”
– Image courtesy of Farmobile Inc.