Farmlead Resources Ltd., an Ottawa based online grain marketplace operator, has announced the closing of US $6.5 million in Series A funding led by Monsanto Growth Ventures (MGV), with participation from Avrio Ventures, MaRS Innovation Accelerator Fund and Serra Ventures.
Kiersten Stead, Investment Director at MGV, and Aki Georgacacos, General Partner of Avrio Ventures, have joined FarmLead’s board of directors.
Formerly Saskatoon based FarmLead is North America’s cash grain marketplace. Its online platform allows buyers and sellers to list, negotiate and finalize grain deals. Buyers and sellers on the FarmLead Marketplace only pay when a deal is finalized.
New funds will supports FarmLead’s expansion into the U.S. market and the opening of its U.S. headquarters in Chicago, a key access point to prominent U.S. grain production regions.
“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 realize profits from day one,” said Stead. “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.”
“This investment signals the appetite for a solution that accelerates the rates of commercial grain marketing transactions,” said FarmLead CEO and Co-Founder, Brennan Turner. “Our ability to increase deal flow for farmers, enabling them to negotiate better prices and other key trade terms online, allows farms to take ownership of their grain production and marketing lifecycle. This is the future of grain trading and we are truly poised to transform the way agricultural commodities are traded worldwide.”
photo credit: Sandra-Ollier via unsplash