SAN CARLOS, CA — 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, market leading farm analytics and rapidly growing FBN Procurement Services.
This new round brings total funding to nearly $48 million. Investors also include Kleiner Perkins Caufield & Byers LLP, GV (formerly Google Ventures), and DBL Partners LLP all participated in this round as well.
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 of 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.