Key Takeaways
- Cooperative Ventures has led a $10 million Series A round investment in Traction Ag, Inc., enhancing its cloud-based accounting software for farmers.
- Traction Ag’s software provides farmers with critical data for better decision-making, enhancing farm profitability.
- The investment supports the company’s goal of expanding its service offerings and building strategic partnerships.
- Traction Ag has integrated solutions from Granular and Conservis, boosting its platform’s enterprise features.
- This investment aligns with the missions of CHS and GROWMARK to empower farmers with advanced financial decision-making tools.
Cooperative Ventures Leads $10 Million Investment in Traction Ag
Cooperative Ventures, a joint initiative between farmer-owned cooperatives CHS and GROWMARK, has announced a $10 million Series A investment in Traction Ag, Inc. This funding round was spearheaded by Cooperative Ventures and included contributions from Plymouth Growth and existing investors.
Traction Ag’s Technological Solutions
The company has developed the first cloud-based accounting software designed for farmers and ranchers across the United States. The software integrates extensive data functionalities, which aid farmers in making informed decisions to boost farm profitability.
Over the past year, Traction Ag has grown through strategic investments and partnerships. The company recently acquired solutions from Granular and Conservis, enhancing the development of premium and enterprise features in its platform.
Focus on Value and Expansion
Dustin Sapp, CEO of Traction Ag, stated, “From the beginning, our priority at Traction Ag has been to deliver value to farmers and give them peace of mind when making decisions. This round of funding will enable us to scale faster, reaching even more farmers with our decision-making solutions that drive real value at the farm gate.”
The new funding will improve the company’s business platforms, expand service offerings, and build new partnerships within the agriculture industry.
Alignment with Cooperative Ventures’ Mission
The company fits well within Cooperative Ventures’ focus on farm business enablement. Heather Thompson, Director of Innovation at GROWMARK, commented, “Traction Ag is a compelling investment for Cooperative Ventures. We believe the company has a strong foundation upon which to build. The company’s mission to empower financial decision-making and operational profitability aligns closely with the missions of both CHS and GROWMARK, making it a natural fit for Cooperative Ventures to support.”
Investment Validates Traction Ag’s Growth
The investment from Cooperative Ventures and Plymouth Growth underscores the company’s readiness to scale. Brook Critchfield, Partner at Plymouth Growth, remarked, “Traction Ag and its existing investors have built a deep and proven team and a board of directors with a strong commitment to and experience in agriculture. Plymouth Growth is thrilled to bring more than 20 years of experience in growing category-leading software companies alongside the industry leadership of CHS and GROWMARK to help drive Traction’s next growth phase.”
Enhancing Farmer Networks and Solutions
The partnership aims to create valuable connections within the networks of CHS and GROWMARK farmer-owners and customers. Ben Van Straten, CHS Innovation Director, noted, “Together with GROWMARK, we believe this investment will equip our owners and customers with essential business tools. Cooperative Ventures was created to focus on innovative solutions and emerging technologies that positively impact agriculture, and we believe that Traction can do just that.”
Image provided by Traction Ag
