Monsanto Growth Ventures (MGV), the strategic investment arm of agribusiness Monsanto, has led a $6.5m series A round for FarmLead, the Canada-based operator of an online marketplace for grain.
Venture capital firms Serra Ventures and Avrio Ventures also participated in the round, along with commercialisation fund Mars Innovation Accelerator Fund.
Founded in 2013, FarmLead runs an online platform through which users can bid on, buy or sell grain, and which also allows traders to negotiate deals. The funding will support an expansion into the US which will be spearheaded from a newly opened office in Chicago.
MGV investment director Kiersten Stead and Aki Georgacacos, co-founder and managing partner of Avrio Ventures, will join FarmLead’s board of directors in conjunction with the round.
Stead said: “Despite the recent levels of technology innovation in agriculture, very few companies are aimed at the critical commerce piece of the equation that helps farmers realise profits from day one.
“FarmLead built a platform that can do just that and is a key part of a diversified approach to marketing and trading grain. We are delighted to support a great team and to partner with committed investors to enable an open marketplace that gives the industry more options and a differentiated advantage.”