AgFunder, the first equity crowdfunding platform for ag startups, has closed their $800,000 round for OnFarm, an agtech big-data company. This raise not only provides capital for OnFarm’s growth as a farm data management system, but also establishes AgFunder as a disruptive capital provider in the agriculture and agtech space.
OnFarm, a Fresno, California based company is part of a wave of new technologies revolutionizing farming. The raise, which closed at the top of its range, is AgFunder’s first crowdfunding campaign, and will help OnFarm expand its distributor network.
Lance Donny, CEO of OnFarm said,
“This has been a great opportunity to demonstrate the strength of investor interest in the OnFarm platform as well as the potential for crowdfunding to transform ag finance. The AgFunder team has done a great job of working with us to close this round in only 5 weeks, which lets us stay focused on our customers and business.”
OnFarm provides information to farmers that allows them to calibrate their water or fertilizer inputs for precise growing conditions. This translates into higher margins and less resource depletion, something the ag sector is keenly watching in an era of tight water supply and higher costs.
“We’ve been following OnFarm since we first built the AgFunder platform and see them as a leader in integrating technologies that will generate real returns for farmers and accredited investors who have registered on the Agfunder platform. They’re a solid team, and their campaign generated strong interest with investors that allowed us to close at the top of their targeted fundraising. We look forward to working with more entrepreneurs of Lance’s calibre and think we have an exciting pipeline of opportunities ahead, “ said Rob Leclerc, AgFunder’s CEO.
AgFunder is one of a number of crowdfunding platforms that have launched since the passage of the JOBS Act, which expands the opportunities for companies to market to accredited investors, and is the only platform dedicated to the ag vertical. Launched in beta only 9 months ago, AgFunder has accumulated over $1bn in dealflow.
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