Aussie fintech for farmers AgriDigital raises $17.4m

Australian fintech AgriDigital, a digital grain management and finance platform for farmers, has closed a $17.4 million (AUD 25 million) investment round.

AgriDigital raises $17.4m

The round, a mix of debt and equity, was led by a local fund which was “keen” to be part of the company’s growth.

With the new capital, the company intends to improve customer experience, accelerate onboarding for new users, develop new products and expand across Australia and North America.

Started by farmer co-founders, AgriDigital claims to have become the largest digital grain management platform in Australia with more than 14,000 users.

It says that 15% of all grain produced in the country is transacted at the sale, delivery or storage point through the AgriDigital platform.

“Our focus is to ensure that the grains industry has access to the tools for growth in the digital age. This means grain management software that operates in real-time and enables customers to collateralise their grain assets to get same day access to working capital,” says CEO and co-founder Emma Weston.

AgriDigital claims to have transacted almost 25 million tons through its platform in the past year at a value of more than $4.2 billion (AUD 6 billion) with $105 million (AUD 150 million) financed by the firm so far.