Growers Edge Financial, a US-based provider of financial products for the agriculture industry, completed a $40m series B round on Wednesday co-led by media and automotive conglomerate Cox Enterprises.
Venture capital fund S2G Ventures and private equity firm Skyline Global Partners co-led the round, which also featured Bunge Ventures, the strategic investment subsidiary of agribusiness Bunge, as well as VC firm Finistere Ventures.
Founded in 2017, Growers Edge applies big data technology to the agriculture financing process, providing software that helps farmers optimise their operations, as well as access to capital.
The series B proceeds will go to enhancing the company’s artificial intelligence technology, beefing up its data science team and moving into new markets domestically and internationally. It has not disclosed details of earlier financing but identified Finistere Ventures as an existing investor in the latest round.
Josh McClung, Cox Enterprises’ director of cleantech strategy and investments, is taking a board seat at Growers Edge along with Skyline Global Partners co-founder Sachin Gupta. He said: “Agriculture fintech is core to the future of sustainable farming.
“By providing products that enable farmers’ long-term resiliency, we are targeting the foundational needs of farmers – financial and environmental health. We believe these solutions can fundamentally change and accelerate the trajectory of agriculture’s technology adoption and impact sustainability on a global scale.”
