AgriDigital, a provider of a digital grain management and finance platform, has closed an AU$25 million (US$17.42 million) capital round.
The Australia-based fintech is currently undertaking continued product development and market growth across Australia and North America. The new capital will support this work as AgriDigital improves its customer experience and accelerates onboarding for new users.
Commenting on AgriDigital’s plans, chief executive officer and co-founder Emma Weston said: “Our focus is to ensure that all of the grains industry has access to the tools for growth in the digital age. This means grain management software that operates in real-time, can be used in the paddock, the office or at the weighbridge by all of a farm or grain company’s employees, and that enables our customers to collateralise their grain assets to get same day access to working capital.”
Weston continued: “Part of what makes us different is our focus on the whole supply chain, we are not just for farmers or just for traders, we are for the whole supply chain. This capital raise supports us to improve the experience for our existing customers and to accelerate onboarding for new users, so that they can get their work done as efficiently as possible for the lowest cost in terms of time, reduced errors and training time, improved decision-making and reporting.”
“We are doing this now in Australia and the US; and there is a lot of growth in front of us. We aim to be the global leader; the team is motivated and ready.”
Aimed at farmers, grain buyers and traders, brokers and storage operators, AgriDigital’s digital grain management platform has grown to be the largest in Australia, according to the fintech.
AgriDigital claims 15% of all grain produced in the country being transacted at the sale, delivery or storage point through its platform, which has more than 14,000 users.
Weston said: “With almost 25 million tonnes transacted through AgriDigital last year at a value of over $6 billion and $150 million financed by us so far; we have big growth targets for AgriDigital Finance in 2022.”
The new capital is a mixture of debt and equity. AgriDigital was backed by Square Peg Capital and one of Australia’s largest family offices in its initial capital raise in 2017.
AgriDigital brought on food system investor 1st Course Capital alongside an increased commitment by Square Peg Capital in 2019, and has now broadened its investor base to include a large global investor with experience in debt finance.
Square Peg Capital’s Tony Holt commented: “Over the past three years, Emma, Ben, Bob and the team at AgriDigital have proven that by digitising the supply chain you can then finance and manage risk across that supply chain in new ways, and they are committed to making this available to every farmer and grain business in one of the world’s largest commodity markets.”