The private real estate company that co-owns the Winnipeg Jets has exercised an option to invest another $3.2 million in precision ag business Farmers Edge.
Toronto-based Osmington Inc., which is owned and controlled by David Thomson, chair of Thomson Reuters, has been investing in farmland for the last four years and first invested in Farmers Edge in the summer of 2015.
The $3.2 million investment announced Tuesday will support the Winnipeg-based company’s continued expansion in global markets.
“Farmers Edge is our first investment in a technology company and it’s a result of their great team matched with a proven, easy to use technology that will have a disruptive impact on the agricultural industry. Farmers Edge helps farmers increase their ROI by allowing them to make informed decisions using the Farmers Edge technology platform,” said Lawrence Zucker, President and CEO of Osmington. “As our partnership grows, it’s clear that access to field-centric data will ultimately add value to the entire agricultural industry, including seed companies, fertilizer companies, and even commodity traders who would love to know what is happening in the fields before others.”
The funding comes after Osmington, as well as other existing investors, Mitsui & Co., Ltd., Kleiner Perkins Caufield & Byers’ Green Growth Fund, raised $58 million for the business in January to expand its data science team, develop new products and support growth in South America, Australia and Eastern Europe.
Farmers Edge got its start in 2005 when Wade Barnes and Curtis MacKinnon, two agronomists in the Pilot Mound, Man. area, decided to start an agronomic consulting business for local farmers. It has since grown into a multi-national precision agriculture and data management company.