Cooperative Ventures is a new capital fund aimed at ag tech startups announced by Growmark and CHS.
The two cooperatives will be equal partners in the $50 million fund, which will focus on breakthrough technologies for the ag industry.
The combining of the two networks will also form a near-national footprint for field testing of products and services. Additionally, down the path, CHS and Growmark can provide distribution capabilities for the startups.
This program will focus in three “Fields of Play”
- Crop Production
- Supply Chain
- Sustainability
“This is a terrific opportunity to act cooperatively by working together on a venture meaningful to agriculture and our corresponding supply chains,” Growmark CEO Jim Spradlin said in a company announcement. “Both Growmark and CHS have trusted relationships and expertise within our networks, which will provide tremendous value for technology startups and ultimately benefit our respective customers. This is a natural evolution of Growmark’s AgValidity trial and testing program.”
CHS is owned by more than 900 local cooperatives and 75,000 farmer members. Growmark is an agricultural cooperative serving almost 400,000 customers across the U.S. and in Canada.
“This partnership will help accelerate technology solutions to existing and emerging challenges in agriculture and is yet another way CHS creates connections to empower agriculture,” said Jay Debertin, president and CEO of CHS Inc. “Our ongoing commitment to investment in growth and innovation for the benefit of CHS owners and the cooperative system further places CHS and Growmark at the forefront of cutting-edge technology solutions by leveraging our deep expertise and strong connections with farmer-owners.”
The Cooperative Ventures team will be established from the headquarters of its two parent companies: Bloomington, Illinois, and St. Paul, Minnesota.
