In the ever-evolving landscape of agriculture, technology plays a pivotal role in transforming traditional practices and enhancing efficiency throughout the supply chain. One standout player leading this digital revolution is Bushel, an independently-owned software company positioned as a bridge between farmers and agribusinesses. Recently, Bushel closed an oversubscribed $26 million funding round, marking a significant milestone in its journey to reshape the industry.
The funding round was spearheaded by The Banc Funds Company, showcasing the confidence of prominent investors in Bushel’s vision and capabilities. The lineup of investors included 50 South Capital, The Andersons, Inc., Cargill, Germin8, Lewis & Clark AgriFood, The Scoular Company, and Conti Ventures. This resounding support is not just a financial endorsement but an affirmation of Bushel’s role in revolutionizing agriculture through innovative digital solutions.
Bushel’s core mission is to empower farmers and agribusinesses by digitizing and streamlining the flow of information, transactions, and payments. This seamless connectivity eliminates inefficiencies, enhances transparency, and enables data-driven decision-making.
One of Bushel’s prime initiatives is the acceleration of digital payment adoption. By digitizing financial activities such as settlements, ag lending, and invoice payments, the platform modernizes the age-old paper-based payment methods that have characterized the industry. This shift saves time and resources and sets the stage for more significant financial opportunities within agriculture.
The introduction of Bushel Farm, a next-generation farm management software (FMS), further underlines the company’s commitment to data-driven agricultural operations. The software is designed to empower farmers with profitability insights, enabling them to make informed decisions for more productive and sustainable practices. Bushel Farm frees up valuable time and resources that farmers can redirect toward optimizing their operations by minimizing manual data entry.
The power of Bushel’s impact lies in its extensive network, which comprises over 100,000 farmers and 2,600 grain and ag retail locations. This network is the foundation of Bushel’s success, enabling the secure management of account-related data for a substantial portion of farm-originated grain in the United States and Canada annually.
The introduction of Bushel Wallet, a digital payments network, represents a crucial step in modernizing the agricultural industry. This platform facilitates secure and swift payments between agribusinesses and farmers, gradually phasing out the need for paper checks. According to the Bushel State of Farm Report, a significant portion of grain payments were still being made through traditional methods despite the digital age. Bushel Wallet aims to change that, ushering in a new era of efficiency and convenience.
Bushel’s trajectory has been marked by a series of innovative solutions that address industry inefficiencies and enhance the customer experience:
- Next-Generation Farm Management: The acquisition of FarmLogs in 2021 allowed Bushel to introduce Bushel Farm, a software that connects to grain sales data, providing farmers with accurate profitability insights.
- Enhanced Offer Management: Through mobile devices, farmers can submit grain sale offers to grain buyers, resulting in higher fill rates than traditional methods.
- Expansion of Customer Base: Leading players in the agriculture sector, including Scoular, The Andersons Inc., and ADM, have embraced Bushel’s platform to boost productivity and efficiency.
- Commitment to Security: Bushel’s SOC 2 Type II compliance underscores its dedication to safeguarding customer data in the digital realm.
Bushel’s journey is far from over. With the recent funding injection, the company is well-equipped to maximize growth and expand its product offerings. Bushel’s commitment to serving the entire supply chain positions it as a central player in the agricultural digital revolution.
Ryan Raguse, Bushel’s President, encapsulates the company’s ethos: “As agriculture continues its march towards a digital revolution, Bushel is committed for the long haul, serving the ongoing and ever-changing needs of the entire supply chain.”
In a world where technology is increasingly shaping industries, Bushel’s innovative solutions and commitment to transformation make it a force to be reckoned with in the modern agricultural landscape. As the digital revolution in agriculture gains momentum, Bushel is poised to remain at the forefront, driving efficiency, transparency, and value across the supply chain.
Image provided by Bushel