US venture capital firm Kleiner Perkins Caufield Byers has invested into Farmers Edge, a precision agriculture and independent data management solutions company.
The investment was made from the Kleiner Perkins Caufield & Byers’ Green Growth Fund which closed on $764 million in 2008. LPs in the fund include the University of Michigan, the David & Lucile Packard Foundation and Schmidt Family Office, according to Private Equity International.
This is the fund’s third agri-related investment; it is invested in BEKON, a bio gas producer, and Kaiima, a seed and breeding-technology company.
Precision agriculture is an increasingly popular sector for venture capitalists within the broader agtech field and has even caught the attention of listed fund houses such as Baring and BlackRock. Larger agribusinesses are also looking to consolidate within the sector.
Kleiner Perkins’ investment will fund expansion of Farmers Edge’s technology platform and support growth into international markets.