Breedr, the livestock trading and analytics platform, has raised 12 million pounds ($15.8 million) in a mix of equity and debt, the London-based company announced Monday (March 21).
The startup provides a data platform and app for farmers to collect data to improve their livestock productivity, sustainability and efficiency.
Breedr said the new cash will be used to develop financial products and services, as well as invest in expansion in Australia and the United States.
The U.S. market is as much as 40 times bigger than the United Kingdom’s. In addition, 10% of the country’s greenhouse gas emissions are generated by the agricultural industry.
Breedr was launched in 2019 by Ian Wheal, who grew up on a farm in Australia, to transform what he called outdated and inefficient agricultural practices with the adoption of individual animal management.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 medication to improve animal welfare and profitability.
In less than three years, Breedr said it has assisted more than 1,100 farmers in the U.K. transform their businesses through a no-cost and easy data analysis of 160,000 registered animals. Farmers on the platform can also buy or sell cattle 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 by the ton has inked an important deal that will see its soy-, corn- and wheat-backed coins accepted as loan collateral by Santander Bank.
Read more: Grain-Backed Crypto Tokens Open New Possibilities for Farm Loans, Purchases
By tokenizing their crops, farmers can use cryptocurrency to trade them on a commodities or cryptocurrency exchanges; using them as collateral for loans; and pay for related goods and services.
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