07 Jun Lewis & Clark Ventures Participates in FarmLead’s $6.5 Million Round
Clayton-based VC firm Lewis & Clark Ventures is pleased to announce its participation in FarmLead’s $6.5 million funding round. In providing capital for FarmLead, Lewis & Clark joins Series A lead Monsanto Growth Ventures, as well as Avrio Capital, the MaRS Investment Accelerator Fund, and Serra Ventures. FarmLead, an Ottawa-based startup, connects grain producers and buyers automatically to optimize the price at which grain is traded.
“We are excited to have the opportunity to back a disruptor in the ag-tech space,” said Lewis & Clark Ventures Senior Associate Larry Page, PhD. “Even in 2017, grain sales take place in highly outdated ways, like phone negotiations and paper-based transactions. FarmLead has digitized grain negotiation and sales, which removes inefficiencies and benefits both farmers and buyers.”
Dubbed “eBay for grains” by TechCrunch, FarmLead allows growers and buyers to post offers, browse existing offers, filter offers by location and other terms and, perhaps most importantly, engage in anonymized negotiations all within the same platform. FarmLead currently generates its revenue through transaction fees.
“We’re delighted to be part of FarmLead’s Series A funding round,” said Lewis & Clark Ventures Managing Director Tom Hillman. “This startup offers a forward-thinking solution to an issue that impacts literally all of us, from growers to consumers.”
FarmLead will use its funding for hiring, marketing, and ongoing product development. While the company’s efforts are currently focused on North America, FarmLead’s cofounders also have their eyes on the international grain trade as populations boom throughout Asia, South America, and the Middle East.