Ag Tech Sunday - Growers Edge announces the close of a $40 million Series B
- By: "Prime" Ag News
- Ag Company News
- Jul 31, 2020
- 357 views
Growers Edge just announced the close of a $40 million Series B round of financing to accelerate the development and market penetration of its innovative financial technology products, solutions and tools for the ag industry. Led by S2G Ventures, Cox Enterprises, and Skyline Global Partners, the round will allow Growers Edge to help more growers de-risk agtech adoption and boost profitability with its customized financial risk management solutions. New strategic investor Bunge Ventures, the venture capital arm of global agribusiness and food company Bunge Limited (NYSE:BG) (“Bunge”), and existing investor Finistere Ventures also joined the round.
“Agriculture fintech is core to the future of sustainable farming,” said Josh McClung, director of Cleantech Strategy and Investments for Cox Enterprises. “By providing products that enable farmers’ long-term resiliency, we are targeting the foundational needs of farmers – financial and environmental health. We believe these solutions can fundamentally change and accelerate the trajectory of agriculture’s technology adoption and impact sustainability on a global scale.”
Recognizing the value that innovative technology can bring to the agricultural industry, Growers Edge helps eliminate the financial risk of agtech adoption for farmers. Growers Edge gives farmers access to tailored financial solutions that provide the economic incentives and data-backed prescriptions needed to effectively deploy agtech tools that can help them thrive in any economic climate.
“Growers Edge has achieved tremendous growth and solidified its position as a key market disruptor by creating a strong network of technology, agent, and farm partners in an extremely short timeframe,” said Sanjeev Krishnan, CIO of S2G. “Its industry-changing fintech solutions will dramatically accelerate the adoption of sustainable ag innovations, revolutionizing the ag industry and our global food supply chain.”
Growers Edge will use this investment to continue to grow its data science team, develop and advance its artificial intelligence platform, and expand into new markets across the United States and around the globe. Growers need access to capital to adopt agtech innovations that can make their operations more profitable and more sustainable.
“We are most excited about the growth possibilities for our investment,” said Sachin Gupta,
co-founder of Skyline Global Partners. “Because the company does not make seed, inputs or equipment, it is able to leverage its business model across all of agricultural retail. By partnering with existing ag retailers and companies, Growers Edge uses its proprietary data and analytics to develop product warranties that create an economic incentive in favor of technology adoption.”
McClung, Cox Enterprises, and Gupta, Skyline Global Partners, will join the Board.
“Demand for data-driven financial solutions that can meet the ag industry’s unique needs to increase both sustainability and profitability is intensifying. Growers Edge is commited to closing current financial gaps so all farmers and agribusiness players can fully embrace the next era of agtech adoption and sustainable ag,” said Dan Cosgrove, CEO of Growers Edge. “Tapping the expertise and expansive networks of our exceptional investor team, we want to serve as the catalyst for widespread, global adoption of the technologies that can improve farmers’ lives, ensure food security and make ag more sustainable.”
Rosenblatt Securities served as the exclusive financial adviser to Growers Edge for the Series B fundraising round.
ABOUT S2G VENTURES
S2G Ventures (Seed to Growth) is a multi-stage venture fund investing in food and agriculture. The fund’s mission is to catalyze innovation to meet consumer demands for healthy and sustainable food. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. For more information about S2G, visit www.s2gventures.com or connect with us on Twitter and LinkedIn.
ABOUT COX ENTERPRISES
Cox Enterprises is dedicated to building a better future through our leading communications, automotive and media companies. Our major operating subsidiaries include Cox Communications and Cox Automotive, and we are strategically investing in new industries and emerging technologies, with sizeable interests in clean technology and health care. Headquartered in Atlanta, Georgia, Cox is a global company with $21 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and planet. To learn more about Cox, visit coxenterprises.com, view our Sustainability Report at coxcsrreport.com, or follow us on Twitter via @CoxEnterprises or @AlexTaylor_Cox.
ABOUT SKYLINE GLOBAL PARTNERS
Skyline Global Partners LLC (www.skylinegp.com) is a private equity firm based in Chicago, Illinois, focusing on buyouts and growth equity investments in the United States and Canada. Skyline targets companies in the food/agriculture, manufacturing, business services, technology and consumer product sectors.