Bushel, a Fargo, N.D.-based provider of software technology solutions for growers, grain buyers, protein producers and food companies, announced the closing of its $19.5 million Series B investment led by Continental Grain Co., New York. Participation from additional investors includes Lewis & Clark AgriFood, Germin8 Ventures, Chicago, and more, including previous investors. The capital and partnership of the syndicate will accelerate new offerings for the grain industry and the broader agriculture supply chain.
The investment brings the total capital raised by the company to over $28 million since 2015, which has enabled several new software products and strong revenue growth. The company will use the capital to build upon its grain industry technology and accelerate additional product offerings across the agriculture supply chain, including technology and solutions that improve profitability and market access for growers of all sizes. Additionally, Bushel aims to provide efficiency and insights for financial services and farm management companies across the value chain, link in-season production data and sustainable practices with downstream traceability and enable direct and local sourcing of grains and other crops.
“We’re excited to have this group of incredible investors support us in our efforts to build software that strengthens relationships between consumers, grain buyers and producers,” says Jake Joraanstad, co-founder and CEO. “This is one of the most impressive groups of investors in the ag-tech space today. Our independent and nimble approach in this market continues to resonate with our customers. This funding will help accelerate our product offerings for grain buyers, the producers they do business with and the entire agriculture supply chain.”
Bushel provides real-time account information directly to growers by integrating into a grain elevator’s accounting system and market feeds. Offered through elevator-branded apps, Bushel powers real-time scale tickets, contracts, commodity balances, futures, pre-paids, cash bids, settlements, e-sign and contract management.
“This funding will allow Bushel to continue investing in its technology,” adds Ryan Raguse, founder. “Agriculture is one of the least digitized industries. We’re in a position to provide an end-to-end digital solution for the grain industry and the supply chain. From the smallest elevator to the biggest players in the game, Bushel is improving communication and creating efficiencies.”