Farmers Business Network (FBN)

Launched in 2014, FBN is among the most popular farmer networks and e-commerce platforms in the US, affording farmers a range of services such as purchasing inputs, seed selection, contract and bid management, field monitoring, record-keeping of on-farm activities, and farmer-to-farmer communication. Platforms offered by FBN include FBN Direct (online input-buying platform), FBN Financial (lending platform designed for farmers), and Gradable (platform for agricultural commercial services) service platforms. In 2018, via its farmer-to-farmer genetics network, the startup introduced its first non-GMO corn and soybean seed offerings.In addition, the company expanded its finance business, in partnership with the Environmental Defense Fund (EDF), launching the “ FBN Regenerative Agriculture Finance Fund ” (RAFF), where farmers who satisfy set standards related to regenerative agriculture practices will receive a one-year operating line of credit up to 5 million each at discounted rates.

In July 2023, FBN launched AcreVisionSM, a streamlined solution designed to help farmers make informed land acquisition decisions by leveraging public datasets in proprietary analytical models.

Farmers pay FBN between USD 500 and USD 700 annually to use its services. As of July 2022, the company had over 43,000 global members for its platform. North America has been a key region for FBN, although the company is also expanding its business to countries with significant opportunities such as Australia.

Key customers and partnerships

Toward the end of 2018, FBN announced a partnership with Amazon, allowing FBN members registering as Amazon Business customers to access discounts offered alongside an expanded product portfolio. Products such as outdoor power tools, oils and fluids, and outdoor apparel were included. In July 2022, FBN partnered with US-based multinational food processing company Archer Daniels Midland (ADM) to offer Gradable to farmers across North America. In January 2023, Farmers Business Network (FBN) and Greeneye Technology, a provider of precision spraying solutions employing AI and deep learning entered into a long-term strategic partnership to combine Greeneye's retrofit precision spraying systems with FBN's Precision Spraying Packs.

Funding and financials

FBN raised USD 300 million in a Series G funding round led by Fidelity Management and Research in November 2021 . The round values the company at USD 3.9 billion and brings its total funding raised to USD 870.4 million. The fresh funds are expected to be funneled toward developing FBN’s technology and data science, and increasing its headcount to more than 350 employees in 2022.

Having stated plans to file for an initial public offering in 2022 at the time of its Series G funding round, it was reported in April 2022 that FBN was preparing to confidentially file for a US initial public offering (IPO) and double its valuation to USD 8 billion.

As of December 2020, based on 20,000 members paying an annual average fee of USD 600, FBN is poised to generate around USD 12 million in revenue. We note that although FBN started off as a platform to simply connect farmers, in the process of doing so, the company has been able to accumulate a great deal of data. This has allowed it to go beyond merely being a connection platform to introducing its own products and services.