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Bushel Raises $26 Million in Funding Round to Revolutionize the Agricultural Supply Chain

Bushel, the front-running digital platform bridging the gap between farmers and agribusinesses, recently announced the successful completion of an oversubscribed $26 million funding round. The Banc Funds Company led this investment, and the round witnessed the participation of both new and seasoned investors including 50 South Capital, The Andersons, Inc., Cargill, and several others.

A Glimpse into Bushel's Mission

Operating as an independent software developer, Bushel has championed the development of digital tools that cater specifically to farmers and agribusinesses. Their groundbreaking software not only digitizes and accelerates information, transactions, and payments but also guarantees security across both mobile and desktop applications.

What's Next for Bushel?

This latest influx of funds will be pivotal in aiding Bushel’s endeavors in:

  1. Pushing Digital Payment Frontiers: Bushel aims to fast-track the adoption of digital payments by streamlining settlements, lending, invoice payments, and other financial processes.

  2. Ushering in Next-gen Farm Management: By eliminating manual data entry, Bushel Farm will stand out as a leading farm management software. It promises to prioritize profitability and lean heavily on data analytics for farm operation decisions.

  3. Enhancing Value through Network Integration: Bushel Network, encompassing over 100,000 farmers and multiple grain and ag retail locations, will benefit from value-boosting integrations.

Christopher Hopkins, a Fintech Portfolio Manager at The Banc Funds Company, lauded Bushel’s unique position in connecting diverse agricultural players. He added that their partnership with Bushel will expedite the modernization of the "granular, paper-based, agricultural industry."

Milestones Achieved

Since its previous funding in April 2021, Bushel has rolled out:

  • Bushel Wallet: This digital payments network has streamlined transactions between agribusinesses and farmers. Astonishingly, even in 2023, paper checks account for 80% of grain payments, underscoring the Wallet's importance.

  • Bushel Farm Management Software: This next-gen FMS was launched post the acquisition of FarmLogs in 2021. Its distinguishing feature is the integration with grain sales data, facilitating swift and precise profitability insights.

  • Improved Grain Sale Offer Management: Grain buyers linked with the Bushel Network are witnessing an average of 42% grain sale offers through mobile devices.

Jake Joraanstad, Bushel's CEO, expressed gratitude towards the investors and emphasized the company’s ambition to allocate funds to bolster growth and fine-tune their offerings.

Steadfast on their Vision

Having spearheaded several industry-first solutions since their last funding round, Bushel has addressed numerous inefficiencies, augmented revenue avenues, and improved the overall customer experience in the agricultural supply chain. The platform's unwavering commitment to security, evidenced by its SOC 2 Type II compliance, further strengthens its position in the industry.

Bushel President, Ryan Raguse, remarked, "As agriculture ventures deeper into the digital era, Bushel remains steadfast in its commitment to cater to the ever-evolving needs of the entire supply chain."

In conclusion, with its vision, innovative solutions, and commitment, Bushel is poised to set new benchmarks in the agricultural digital landscape.


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