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US firm acquires Farmsave

  • Posted on Wednesday 22nd, July 2020.

Perth-based Agtech start-up, Farmsave, has been acquired by a Google-backed San Francisco 'unicorn' company.

Farmsave, which enables farmers to purchase farm chemicals at competitive rates, has been bought out by Farmers Business Network (FBN).

Farmsave was co-founded seven years ago by Dirk Butter has since amassed a network of 5,000 farmers in Australia.

FBN is a member-based network of 11,500 farmers in the US and Farmsave's 5,000 farmers will join this network.

According to Butter, the acquisition by FBN would merge Farmsave’s network into a global operation.

“The industry was very lacking in transparency,” said Butter.

“The old model relies on retail stores where there's a lot of price discrepancy, with growers paying vastly different prices.

“You have small to medium-sized growers who would pay 10 to 20 per cent more for the exact same chemical and the same branded product.

“That's what we wanted to shed a light on,” he said.

FBN, according to Butter, treats growers similarly with transparent pricing and digital tech offerings to analyse their paddocks, helping growers to benchmark and ultimately increase their return on investment.

“Farmsave's focus on transparent pricing and putting the power of choice in the hands of farmers aligns perfectly with our values," said FBN CEO and co-founder, Amol Deshpande.

"Together FBN and Farmsave can bring badly needed competition to Australia and help farmers level the playing field in this vital market," he said.

Farmsave's team of five will be the first FBN employees in Australia.

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