Today we're proud to announce two major milestones at FBN, both of which will provide tremendous new assets to serve your farm. We started in 2014 with just 3 farms and a bold mission - to make farming better for farmers by building an independent farmer network and using advanced technology to bring transparency to your data driven decisions including input purchasing, financing your farm or dealing with commodity markets.
Thanks to your support, FBN has grown to over 33,500 members strong farming over 82m acres. Serving your farms behind the scenes are over 800 employees, many of them in rural communities and farmers themselves. We also have 30 regional warehouses & pharmacies, and over 450 local Community Builder partners in rural USA, Canada and Australia. As a technology company, we are one of the few who do business in the rural world. We are proud to call ourselves a rural enterprise and greatly appreciate your support.
Today, we are proud to announce a new capital raise of $300 million from world class, long-term financial partners led by Fidelity Management and Research, one of the world’s largest and most trusted institutional investors. Ensuring FBN is supported by long-term minded capital partners allows us to continue to innovate on the hardest problems affecting farmer profit potential and to stay true to our mission of disrupting the ag industry for the benefit of our family farm customers.
We will use the capital to hire over 350 new team members in the next year alone and make significant investments in technology and data science. This will bring you ever more technologies to use on your farm, salient information and also new services such as our comprehensive financial services and sustainability offerings that can help you finance your farm (land, operating or equipment loans) and achieve premiums for your sustainable practices.
As always, we will continue to invest in our proprietary technologies and supply chain for FBN Direct® to help bring down prices, and do a continually better job delivering goods direct to your farm on demand.
We're honored to have earned your support and partnership in creating a better ag economy that puts Farmers First®. We proved this year filled with supply chain hiccups that we are a reliable partner of choice.
Some key new initiatives we would draw your attention to:
FBN Financial: Get competitive loans for your land, operational needs or equipment: Find out more
FBN Direct: Cyber November promotions going on right now: Find out more
Thank you again for your support for these many years. The journey has not been easy, but it's worthwhile. And we are still at the beginning stages of a decades-long transformation of the ag sector that we are confident will benefit family farms.