Monsanto invests $6.5 million in online grain marketplace platform
Mar. 27, 2017
The online platform allows producers to post bids online and engage directly with other producers who have grain listed for sale.
"Farmers can showcase their grain," Brennan Turner, FarmLead CEO, told Techopia Ottawa. "They can take pictures of it and automatically it's broadcast to all applicable buyers to that type of grain."
Posting grain is free and Farmlead only collects a fee once a deal is closed.
Included in the investment with MGV are Aviro Ventures, the MaRS Investment Accelerator Fund and Serra Ventures.
Part of the investment will help FarmLead include a forward contracting service into its platform, allowing farmers to sell grain to interested buyers based on forecasted grain yields.
"Our ability to increase deal flow for farmers, enabling them to negotiate better prices and other key trade terms online, allows farms to take ownership of their grain production and marketing lifecycle," Turner said in a release.
"This is the future of grain trading and we are truly poised to transform the way agricultural commodities are traded worldwide."
Since its beginnings in 2013, FarmLead has grown to serve more than 4,000 farms across North America.