Farmers Business Network (FBN) provides a data and analytics platform that helps farmers - and especially family farms - with everything from seeds and planting advice to pricing and marketing.
They recently raised $250 million and the company is valued at $1.75 billion. According to their press release:
FBN is an advocate for family farmers and ranchers and is committed to the premise that true price transparency levels the playing field for farmers – regardless of geography or size – and also enhances competition at the manufacturing, wholesaling and retailing levels. By providing timely and transparent pricing on crop protection products, biologicals, seeds, technology and services, as well as ecommerce purchasing and financing options, FBN arms farmers with the tools they need to make the best decisions for their business, their families and the planet.
FBN says they have 12,000 members, covering 40 million acres of farmland across the U.S., Canada and Australia.
They make money by cutting out middlemen and selling directly to farmers.
According to the U.S. Department of Agriculture, there are over 2 million family farms in the U.S. They categorize them into 3 groups:
- Very large family farms (101,265) gross over $500,000
- Large family farms (86,551) gross between $250,000 and $500,000
- Small family farms (1,925,799) gross under $250,000
Not surprisingly, small family farms - despite having an oversized presence at farmers' markets - only produce about 15% of U.S. farm products.
And many of them only survive because the farmer has other sources of income. Family farms are also under financial stress due to trade wars and the impact of COVID-19 restaurant and cafeteria shutdowns.
So any help family farmers can get is appreciated.
FBN is another example of the rapidly growing role platforms and ecosystems are playing for small businesses of all kinds. And increasingly, the platforms target specific vertical or niche markets.
