Farmers Business Network in Sioux Falls continues growth with $250M in new investments
Patrick Anderson
A farm tech company with offices in Sioux Falls is getting another injection of capital, with new investors contributing to an increase of $250 million in funding.
Farmers Business Network provides a network of data and market services for thousands of member farmers who use its platform.
The company plans to use the funding to increase its services for farmers, according to a Monday announcement from the company.
More:Farmer's Business Network moves to new Sioux Falls office, partners with Amazon
“Our mission as a company is to improve the profitability of farming families around the world for generations to come. Many farmers and ranchers were already struggling before the disruption and financial challenges brought on by the pandemic,” said Amol Deshpande, FBN Co-Founder and CEO. “We will double down on putting farmers first by further investing in technologies that lower costs, improve transparency and create local community development opportunities in rural areas.”
The latest injection of money comes from the likes of BlackRock Inc., Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich.