London-based fintech for farmers bags funding injection
A London-based fintech for farmers has bagged £12m funding today as it looks to accelerate the roll out of its livestock data platform into the US and Australia.
The fresh funding round for Breedr, which was founded in 2019 to modernise livestock trading and analytics, was led by Investbridge Capital with backing from the firm’s existing investors LocalGlobe and Forward Partners.
Boss Ian Wheal said he had founded the firm to put data at the heart of animal management, and he would now be using the funding to help more farmers around the world realise that goal.
“By enabling farmers to grow healthier animals, we’re transforming the industry: allowing farmers to use their animals to make investments in their farms, improve trading and provide more transparency to the supply chain – which is sorely needed in this under-invested industry,” he said.
“We’re seeing the positive impact this is having already in the UK on helping to decrease methane emissions and improve cash flow for farmers and can’t wait to expand this model across the world, starting with Australia and the US.
The new funding from Investbridge Capital brings the total raised by Breedr to £17.5m after the startup previously raised £5.2 million from investors including LocalGlobe and Forward Partners.
Wheal, who grew up on a farm in Australia said he founded the firm after realising the efficiency potential of tracking and monitoring individual animals.
Farmers using the app can track livestock metrics including weight, genetics, health and medication which Breedr says allows the firm to improve the welfare and profitability of animals over time, as well as slashing carbon footprint by reducing methane emissions from the animals.
Breedr said its top farmers are producing beef with 28 per cent less carbon footprint than the industry average.