Sunday, February 25, 2024

CSIRO-backed, agriculture-focused fintech DAS pockets $3 million amid Canadian enlargement

CSIRO-backed fintech DAS (Digital Agriculture Companies) has raised $3 million in interim funding in a spherical led by the VC arm of Canadian communications big TELUS.

TELUS Ventures was supported by current traders, which embody CSIRO, Startmate and a number of other excessive internet worths – and forward of a broader US collection later this yr. The enterprise has now raised $12 million in complete.

DAS is a product-focused fintech centered on agri-enterprise, cast in partnership with CSIRO in 2017. It got down to change the best way it lends, insures, invests finance and allocates capital in a high-risk local weather and took half in Startmate in 2020.

It automates the info agri-financial providers must lend and insure, with a buyer base that features the Australian Bureau of Statistics, Rabobank, Cargill, IAG and Viterra. Having expanded into New Zealand, DAS has now set its sights on the Canadian market, with TELUS additionally bringing industrial alternatives to the desk by means of its knowledge insights and digital options arm TELUS Agriculture & Shopper Items, which has greater than 5,400 prospects in additional than 50 nations.

DAS cofounder and CEO Anthony Wilmot mentioned the SaaS platform and its knowledge merchandise ship worth to agri-financial providers and agri-enterprise prospects in three core methods: digitising & reworking inner processes, strengthening danger administration and driving focused progress. 

“This can be a vital milestone and marks the start of a relationship that we imagine is of nice mutual profit, with good progress synergies and industrial alternatives,” he mentioned.

“Partnering with TELUS Ventures will allow us to scale our ambition, globally.”

TELUS Ventures vice-president Mario Mele mentioned they anticipate “DAS will carry significant optimistic change to agriculture and its supporting monetary providers sector” within the wake of the VC’s backing.

“DAS is already serving to the agri-enterprise business and the monetary providers materially rework the best way it lends, insures, invests finance and allocates capital in a world with elevated issues related to international meals safety,” he mentioned. 

Alongside greater than 140 prospects, the enterprise now employs greater than 40 folks.

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