SIOUX FALLS, SD (KELO) – A rapidly growing agricultural business has just received a major new investment that will help it grow even further, creating new jobs in its Sioux Falls office. A look at the Farm Business Network and the latest business growth in Tonight’s Your Money Matters.
âWe are a data sharing network for farmers,â said Daniel English, managing director of Farm Business Network Finance.
Farmers Business Network or FBN started out as a technology company in California.
âWe have a direct-to-farmers model, very similar to Amazon or other tech companies. To help deliver the best products at the lowest price available in the market, âsaid English.
It now offers a range of business and financial services with the help of around 800 employees in the United States, Canada and Australia, but its 120-member office in Sioux Falls is the company’s largest.
âWe’re a California-based company, but we really wanted to be close to the farms and Sioux Falls is really a great place to attract talent and be close to the farmer members,â said Denton Schwiesow, sales enablement manager.
And while this is a direct-to-consumer model, nothing you order from FBN will arrive in a well-packed box like this, their deliveries are on a much larger scale.
âWhen it comes to buying inputs, seeds, crop protection, financial products, these are big investments,â Schwiesow said. “A lot of our deals are $ 20,000, $ 30,000, $ 40,000 at a time.”
Historically, these large transactions have been made face to face between a farmer and a selling member.
âNow we are offering another option for farmers to work with our sales team and buy directly from the internet and have the kind of convenience they experience for the rest of their lives,â said FranÃ§ais .
The idea started in 2014 and continues to see rapid growth every year.
âThe valuation of the company is just under $ 4 billion, which almost doubled last year,â Schwiesow said.
The latest $ 300 million investment comes from a large group that includes Fidelity, one of the country’s largest investors, and ADM Ventures, the world’s largest grain buyer.
âWe really see it as a validation of what we’ve built and the model we’ve built that puts farmers first,â English said.
This new investment of $ 300 million will allow FBN to add another 350 employees to the company, many of whom will end up in Sioux Falls. In the areas of sales, agronomy, logistics and finance, FBN’s Sioux Falls office will add dozens of positions over the coming months.