Livestock data platform Breedr raises $15.8 million
Livestock trading and analytics platform Breedr has raised 12 million pounds ($15.8 million) in a mix of equity and debt, the London-based company announced on Monday (March 21).
The startup provides a data platform and app for farmers to collect data to improve the productivity, sustainability and efficiency of their farming.
Breedr said the new funds will be used to develop financial products and services, as well as invest in expansion in Australia and the United States.
The US market is up to 40 times larger than the UK market. In addition, 10% of the country’s greenhouse gas emissions are generated by the agricultural industry.
Breedr was started in 2019 by Ian Wheal, who grew up on a farm in Australia, to transform what he called outdated and inefficient farming practices with the adoption of individual animal management.
The app and platform allow farmers to track everything about their animals on their phone or laptop. They can record weight, health and medications to improve animal welfare and profitability.
In less than three years, Breedr said it has helped more than 1,100 farmers across the UK transform their businesses with simple, free analysis of data from 160,000 registered animals. Farmers on the platform can also buy or sell livestock through the Breedr marketplace.
The round was led by Investbridge Capital and its AgTech fund. There was also participation from existing investors LocalGlobe and Forward Partners.
Earlier this month, PYMNTS reported that an Argentinian company creating a cryptocurrency to tokenize grain per ton has signed a landmark deal that will see its soybean, corn and wheat-backed coins accepted as loan collateral by Santander Bank.
Read more: Grain-Backed Crypto Tokens Open New Possibilities for Agricultural Lending and Buying
By tokenizing their crops, farmers can use cryptocurrency to trade them on commodities or cryptocurrency exchanges; use them as collateral for loans; and pay for related goods and services.