Farmers Business Network Secures $20 Million Funding Round, Expands Procurement

Farmer’s Business Network, Inc., the independent farmer-to-farmer network, has raised $20 million in additional funding, led by Acre Venture Partners. This financing enables the FBN network to further expand its farmer network, farm analytics service and the rapidly growing FBN Procurement Services.

American farmers are battling through a brutal year of low commodity prices, high input costs, and unprecedented consolidation amongst their ag industry suppliers. The FBN network levels the playing field for farmers by networking farms together, democratizing farm information and enabling transparent national access to manufacturer direct prices on farm inputs—saving its members thousands of dollars.

Historically, important information such as fair market input prices and real world seed performance was hidden from farmers or impossible to determine. The FBN network makes all this information transparent in a no frills way – driven by millions of acres of member farms.

Launched commercially in 2015, only 20 months ago, and originating from farmers themselves, the FBN network now encompasses more than 2,500 farms operating nearly 9 million acres in 31 states and grows by hundreds of thousands acres each week. When FBN began, it committed to a transparent pricing model to rid farmers of unfair “acre fees” which punish farmers for scale. Instead, a farm membership currently costs only $500 per year, making the power of the FBN network easily affordable for farms of any size.

Launching FBN Procurement to Increase Farm Profits

Assessing true market prices when farm buying inputs has been notoriously difficult for farmers. Input vendors often use complicated bundling, zone pricing, rebates, gifts, and loyalty programs that can make it frustratingly difficult for farmers to compare prices and shop around. These programs harm farm family incomes and stifle competition for their business, according to the news release from FBN.

After research found farmers paying up to 300% difference for the same vital input products, and even 40% difference within an hour’s drive, FBN Procurement Services was launched in December 2015 to provide all farmers access to market leading input prices online*.

FBN Procurement allows farmers to purchase inputs with no confusion, FBN claims. Prices are published online and are fully transparent to members at all times. No zone pricing, no rebates, no confusing marketing programs. FBN Procurement works directly with manufacturers to source the lowest-priced products and pass along savings directly to farmers with both cash and carry and input financing options available. Since launching the service last December, it received overwhelming demand from hundreds of farms and has helped farmers realize savings of up to 50% on critical inputs. FBN Procurement will expand the service nationally this year while also adding other product lines beyond ag chemicals.

Finally, following its 2016 releases of its updated agronomic analytics, FBN Ops app, and Price Transparency system, FBN will continue to explore more technology solutions to bring the power of its fast growing network to bring more profits to farmers.

“The FBN network creates a future for farmers that is independent, data driven, transparent, and fair with real competition for their business. It all boils down to more profits for independent family farms and better outcomes for consumers,” said Co-Founder & VP of Products, Charles Baron.

Acre Fund brings deep expertise in agriculture and food to the FBN mission. “Farmers are the backbone of our food system.” said Gareth Asten, General Partner at Acre. “The connections created by FBN and the power they give to farmers helps create a future of transparency, health and sustainability. This investment will allow Acre to become a part of the FBN legacy – one that helps farmers to create better outcomes and be independent together like never before possible.”

This new round brings total funding to nearly $48 million. Existing investors Kleiner Perkins Caufield & Byers LLP, GV (formerly Google Ventures), and DBL Partners LLP all participated in this round as well.

Topics:

Leave a Reply

Business Management Stories
Retailer-Grower-tablet
Business ManagementTaking Measure of the Precision Agriculture Program: 6 Key Observations
July 12, 2018
In the overall agriculture market, the rhetoric surrounding emerging technology over the past half-decade has been nothing short of breathless. Read More
computer-in-field
Business Management3 Questions to Ask When Looking for Your First Job in Precision Agriculture
June 18, 2018
Let me begin this column by extending my congratulations to all of my fellow students who have just graduated – Read More
Grower-Laptop
Business ManagementOpinion: Stumpin’ for Rural Broadband
April 30, 2018
In 1936, deep in the throes of the Great Depression, the federal government moved forward with an initiative that would Read More
Digital-Farming
Business Management7 Factors That Could Make or Break Digital Farming
April 13, 2018
Digital farming is the new technology genie – a genie that is now out of the bottle and cannot be Read More
Trending Articles
ISPA-Yoshua-Bengio
EventsHighlights from the 14th International Conference on Precision Agriculture
July 9, 2018
The 14th International Conference on Precision Agriculture (ICPA) presented by the International Society of Precision Agriculture (ISPA) was held in Montreal, Read More
Topcon X30 Console in cab
EventsAssociation Seeks Definitive Definition of “Precision Agriculture” — What’s Your Vote?
July 2, 2018
More than two-dozen definitions of precision agriculture have been identified through the years — but which is the best and Read More
AmericasRaven Name to Grace New South Dakota State University Facility
June 27, 2018
According to a press release issued by the company, Raven Industries was recognized today in the naming of South Dakota Read More
dropcopter
DronesNew York Apple Orchard Claims World First in Pollination by Drone
June 18, 2018
Beak & Skiff Apple Orchard in LaFayette, NY, is the first orchard in the world to use drones to pollinate Read More
JDandPessl
Sensors/IoTJohn Deere, Pessl Instruments Team Up to Create Opportunities
June 18, 2018
John Deere is best known for its line of tractors, combines, sprayers, and implements. However, in an effort to help Read More
Matt-Waits-featured
Decision Support SoftwareSST’s Matt Waits: Innovative Data Solutions Key to Transforming Global Agriculture
May 31, 2018
Proagrica, part of RELX Group, earlier this year acquired U.S.-based precision agriculture solutions company, SST Software, in a move set Read More
Latest News
Tools & Smart EquipmentCanadian Planter Manufacturer Purchases Harvest Interna…
July 19, 2018
Seeding and planting technology innovator Clean Seed has signed an agreement to strategically acquire U.S. planting equipment manufacturer Harvest International, Read More
Data ManagementInfoAg News: Farmobile Launches DataEngine, Streamlines…
July 17, 2018
Busy times these days out in Overland Park Leawood, KS, for ag data startup Farmobile, as they continue to – Read More
Agrible
Grower Services & SolutionsNutrien Drops $63 Million to Acquire Agrible
July 16, 2018
Nutrien announced today that it has entered into a definitive agreement to acquire Agrible for total consideration of $63 million, Read More
Industry NewsFarmobile Acquires Prime Meridian, Taps Cubbage as New …
July 13, 2018
Farmobile today announced an agreement to acquire the assets of Prime Meridian, a precision agriculture data management company based in Read More
group-photo
DronesPrecision Agriculture Takes Flight at North Carolina St…
July 13, 2018
Take a walk into the Suggs Laboratory for Precision Agriculture and Machine Systems and it’s hard not to be impressed, Read More
Skeketee-IC-Weeder
DronesAutomated Weeders Have Arrived in Vegetable Fields
July 12, 2018
The vegetable production areas of the Central Coast of California have lifted vegetable cultivation to a high art, writes Richard Read More
AgJunction, InfoAg 2014, Autosteer, GPS
Industry NewsAgJunction Settles with Raven in Patent Infringement Su…
July 12, 2018
AgJunction Inc., a leader in advanced guidance and autosteering, has settled a patent infringement lawsuit it filed against Raven Industries, Read More
Retailer-Grower-tablet
Business ManagementTaking Measure of the Precision Agriculture Program: 6 …
July 12, 2018
In the overall agriculture market, the rhetoric surrounding emerging technology over the past half-decade has been nothing short of breathless. Read More
raven-slingshot-job-generator-job-sync-1
Industry NewsNew Raven Slingshot Advancements Will Help Save Time, R…
July 11, 2018
Raven Industries, Inc. has announced several new services available on the Slingshot and Viper 4 platforms: Job Generator and Job Read More
Onsite-logo
Industry NewsAgIntegrated Acquires Exclusive Licence to Satshot’s Im…
July 11, 2018
AgIntegrated, Inc. (AGI), a leader in precision ag data integration and software development, and Satshot, a leader and pioneer in Read More
Australian Harvest
Australia/New ZealandAustralian Agritech Plants Blockchain for Efficiency
July 11, 2018
“Agritech” at one time would have meant new equipment such as tractors and combine harvesters, but today it refers to Read More
Tomato-crop-India
AsiaIndia: Using Artificial Intelligence for the Good of Fa…
July 11, 2018
After graduating from IIT-Madras, the first thing that Vivek Rajkumar did was to buy four acres near Thiruvananthapuram and start Read More
BrightFarms
Industry NewsForbes List of Innovative Ag-Tech Companies Includes Gr…
July 9, 2018
Forbes magazine recently posted a list of the 25 most innovative ag-tech startups in 2018, which includes a few companies Read More
AmericasNutrien Ag Solutions Brand, New Digital Platform Launch…
July 9, 2018
Nutrien (formerly Crop Production Services) has officially rebranded its retail business to Nutrien Ag Solutions, aligning the company’s retail operations Read More
ISPA-Yoshua-Bengio
EventsHighlights from the 14th International Conference on Pr…
July 9, 2018
The 14th International Conference on Precision Agriculture (ICPA) presented by the International Society of Precision Agriculture (ISPA) was held in Montreal, Read More
TerrAvion
Industry NewsTerrAvion Integrates Aerial Imagery with John Deere Ope…
July 6, 2018
TerrAvion, Inc., a large volume provider of aerial imagery to agriculture, has announced an integration to allow TerrAvion’s aerial imagery Read More
Farmer-Tablet
Data ManagementAgriculture’s Next Breakthrough: New Technologies…
July 3, 2018
We live in an exciting time in agriculture. Not only is technology advancing rapidly, but the understanding and comprehension of Read More
Nebraska-Storm
Precision IrrigationNotes from the Field: A Look at Irrigation Management P…
July 2, 2018
One of the things I love most about my work is making periodic treks into the field – more often Read More