Temasek joins $250m funding round for agtech firm Farmer’s Business Network

Photo by Glenn Carstens-Peters on Unsplash

US-based Farmer’s Business Network (FBN) has closed a $250 million Series F round led by BlackRock-managed funds and accounts, the agtech platform said Monday.

New investors Baron Capital Group, Balyasny Asset Management, Mandi Ventures, Lupa Systems and Ron Shaich backed the latest round, FBN said in a press release.

Existing investors DBL Partners, Temasek, T. Rowe Price Associates-managed funds and accounts, GV, Expanding Capital and Kleiner Perkins also participated in the round, the statement said.

The investment values the company at about $1.75 billion, according to a Bloomberg report.

FBN said it planned to use the capital to expand its Farmers First FBN Direct range of direct-to-farm inputs, including seeds, crop protection and biologicals, which aim to reduce costs for farmers. The investment will also help the company expand its FBN Crop Marketing and Financial Services, which help farmers manage risk and obtain insurance and loans, it said.

“Our mission as a company is to improve the profitability of farming families around the world for generations to come. Many farmers and ranchers were already struggling before the disruption and financial challenges brought on by the pandemic,” said Amol Deshpande, FBN co-founder and CEO. “We will double down on putting farmers first by further investing in technologies that lower costs, improve transparency and create local community development opportunities in rural areas.”

Currently, FBN has more than 12,000 members who farm in the US and Canada. It launched its services in Australia last month by acquiring Australian agtech firm Farmsave.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.