GrainChain, a U.S.-based technology company that operates at the intersection of agtech and fintech, has raised $29 million in a recent up-funding round to accelerate its growth in the U.S. and Latin America. The company’s suite of products facilitates transactions and financing to agricultural players by digitizing the supply chain and reducing counterparty risk. The funding round includes investments from Overstock.com Inc, Pelion Venture Partners, the BYU Cougar Capital program, and other investors. GrainChain’s software ecosystem connects and enhances supply chain visibility for all players while reducing risks to lenders and buyers. With this new funding, GrainChain is well-positioned to continue its expansion and provide greater access to financing for agricultural players in the U.S. and Latin America.
GrainChain, a U.S.-based technology company, has raised $29 million in a recent up-funding round seeking to accelerate growth in the U.S. and Latin America. The data company sits at the intersection of agtech and fintech with a suite of products that helps facilitate transactions and financing to agricultural players by digitizing the supply chain and reducing counterparty risk.
The funding round includes a $10 million follow-on investment from Overstock.com, Inc. (NASDAQ: OSTK) and a $10 million investment from Pelion Venture Partners, along with other investors such as the BYU Cougar Capital program. GrainChain’s growth also prompted the addition of Pelion partner Jeff Kearl to its Board of Directors.
“2022 was a breakout year for GrainChain in many ways, “said GrainChain CEO and Co-Founder Luis Macias. “We saw explosive growth as our transaction platform, Trumodity, became fully integrated with banking systems in Latin America and when we launched liquidity programs with coffee producers in Mexico and Central America.”
GrainChain’s software ecosystem connects and enhances supply chain visibility for all players, empowering producers and suppliers while reducing risks to lenders and buyers. With agriculture markets facing substantial economic challenges over the last few years, the company has increasingly focused on facilitating access to liquidity for producers to help them run their operations seamlessly.
GrainChain has been supporting operations for MasterBarter in Brazil since 2020, one of four regions where the company operates (along with the U.S., Mexico, and Central America). The company’s suite of products includes Trumodity. This blockchain-based transaction platform tracks commodities from the point of origin to the end of the sale, enabling buyers and sellers to execute contracts and digitizing the supply chain to minimize fraud and reduce counterparty risk. GrainChain also offers liquidity programs, which provide short-term financing to producers based on the value of their commodities.
GrainChain’s success in agtech and fintech is a testament to the growing demand for innovative solutions that streamline and digitize supply chains. With this new funding, GrainChain is well-positioned to continue its expansion and provide greater access to financing for agricultural players in the U.S. and Latin America.
Image provided by GrainChain
