News + Press / Press Release
Growers Edge Wraps Series B Fundraising and Eyes Growth
EARLIER THIS MONTH, GROWERS EDGE ANNOUNCED THE CLOSE OF THE COMPANY’S SERIES B ROUND OF FUNDRAISING. THE ROUND DELIVERED A TOTAL CASH INFUSION OF $40 MILLION AND SEVERAL NEW INVESTORS. GROWERS EDGE PLANS TO ACCELERATE ITS DEVELOPMENT BOTH FURTHER AND FASTER WITH SOLUTIONS AND DATA-DRIVEN TOOLS FOR FARMERS IN THE AG INDUSTRY. WE ASKED CEO, DAN COSGROVE, A FEW QUESTIONS ABOUT THE SERIES B CLOSURE.
Q: CONGRATULATIONS ON CLOSING THE SERIES B FUNDRAISING ROUND, DAN. WHAT WOULD YOU SAY THIS MEANS FOR GROWERS EDGE?
COSGROVE: The Series B fundraising will help us expand our business and reach out to more ag retail customers. We’ll also be able to attract additional talent, build more fintech products for farmers and expand our footprint.
Q: HOW WILL THE FUNDING BE PRIMARILY USED?
COSGROVE: Specifically, the new funding will support expansion of the data science capabilities at Growers Edge and create additional analytics to support our products. We will also be using the resources for more product development and programming staff, and to help us roll out products faster. Most importantly, we look to increase our connection with growers and ag retailers with an expanded headcount to ensure customer success.
A big win for us recently was bringing on board Tracy Linbo as EVP and Chief Commercial Officer. Her extensive experience in the industry at Agtegra, DuPont Pioneer, BASF, and as advisor to AgVend, are going to be a huge asset for the company. She has been working extremely hard fine-tuning our sales plan and connecting with ag retailers across the country. The level of interest from retailers in implementing our innovative risk management product has been outstanding.
Q: IT SOUNDS LIKE THE FUNDING WILL BE VERY BENEFICIAL FOR GROWERS EDGE. WHAT VALUE CAN GROWERS EDGE BRING TO THE SERIES B INVESTORS AND FUTURE INVESTORS?
COSGROVE: We are excited about the investors who joined us through this fundraising round. S2G Ventures and Finistere Ventures have been with us since the beginning and have been instrumental in our growth. The addition of Cox Enterprises, Skyline Global Partners, and Bunge Ventures will bring innovative ideas and resources to the company. Ultimately, our goal is to build the company’s value for both ourselves and those funding us.
Q: WHAT ARE THE GOALS YOU’D LIKE TO SEE THE COMPANY MEET IN THE FUTURE?
COSGROVE: Our short-term goal is to work hard and offer quality products through our ag retail partners. Long-term, we genuinely believe we can impact the entire ag industry in a very positive way. We’re dedicated to delivering on our commitment to grow a farmer’s profits with our risk management products. Ag retail companies also benefit from getting their new and innovative products in the hands of farmers.
Q: SPEAKING OF GOALS, HOW WILL YOU CONTINUE TO EXPAND OVER THE COMING YEARS?
COSGROVE: In the coming years, we’ll expand our geographic footprint, which might include both new states and new countries. Growers Edge has the potential to offer products in many other crops, aside from corn and soybeans. Today, our products include warranties that measure success based on a farmer reaching a specific yield threshold. Looking to the future, we are working on new products designed to provide a targeted revenue per acre.
Q: GROWERS EDGE DOESN’T SELL AG INPUTS OR EQUIPMENT. YOU FOCUS ON DEVELOPING CROP PLANS THAT USE ANY PRODUCTS. WHY DID YOU CHOOSE THIS BUSINESS MODEL?
COSGROVE: You’re right! Growers Edge doesn’t create or own seeds, chemistry, precision ag products, or other inputs. We have developed an intelligence platform that uses analytics to validate a product or crop plan that can quantify an ag retailer’s sales programs around various products. This type of platform gives us an advantage by allowing us to work with any product, manufacturer, or retailer to design a plan in the most beneficial way for farmers.
Q: THERE ARE A VARIETY OF INVESTORS ON THE GROWERS EDGE BOARD. HOW WILL THEIR EXPERTISE HELP THE COMPANY EXPAND AND IMPROVE?
COSGROVE: Overall, we have a unique panel of investors on the board. The venture firms are focused on business performance and financial metrics, while Bunge and Cox determine how we might grow strategically. By having board members from diverse businesses, we can focus on the company’s performance from a financial aspect and also capture many strategic perspectives across all of agriculture moving forward.
Q: ANY PARTING WORDS ABOUT THE FUNDRAISING EFFORT OR THE COMPANY?
COSGROVE: I have enjoyed meeting with potential investors to talk through our plans and objectives. The interest and feedback I have received have been fantastic. I am looking forward to leading the company through its next phase of growth and maturation. I can’t wait to see what the future holds for Growers Edge!
Source: Growers Edge
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