Farmers Business Network secures $50M to advance ag commerce
FBN finance division has provided nearly $3B in loans to growers
Farmers Business Network has secured $50 million in new funding to accelerate the expansion of its AI-powered digital platform, furthering its mission to support family farms across North America.
San Mateo, Calif.-based Farmers Business Network’s (FBN) plans to use the funding for develop products, advanced AI tools and marketplace enhancements, according to a press release from GNN today. The funding was backed by GV (Google Ventures), Temasek, Arteqin, Colle Capital and T. Rowe Price.
FBN’s network includes more than 117,000 farms covering 187 million acres in the U.S. and Canada.
The company’s e-commerce platform offers more than 7,200 products with fast, direct-to-farm delivery, while its finance division has provided nearly $3 billion in loans to growers, according to the release. FBN’s new AI tools include Norm, a large language model assisting farmers with agronomy and crop marketing queries.
As part of its platform evolution, FBN is expanding its private-label crop protection products under the Willowood USA and Farmers First brands, opening its marketplace to third-party sellers, and enhancing offerings in livestock, seed and Canadian operations, according to the release. These initiatives aim to reduce farm operating costs by 20% or more and deliver long-term value to members through digital innovation.
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