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CSIRO-backed fintech DAS (Digital Agriculture Providers) has raised $3 million in interim funding in a spherical led by the VC arm of Canadian communications large TELUS.
TELUS Ventures was supported by present buyers, which embody CSIRO, Startmate and a number of other excessive web worths – and forward of a broader US sequence later this yr. The enterprise has now raised $12 million in complete.
DAS is a product-focused fintech targeted 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 information agri-financial companies 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 its information 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 stated the SaaS platform and its information merchandise ship worth to agri-financial companies and agri-enterprise prospects in three core methods: digitising & remodeling inner processes, strengthening danger administration and driving focused development.
“It is a vital milestone and marks the start of a relationship that we consider is of nice mutual profit, with good development synergies and industrial alternatives,” he stated.
“Partnering with TELUS Ventures will allow us to scale our ambition, globally.”
TELUS Ventures vice-president Mario Mele stated they anticipate “DAS will deliver significant optimistic change to agriculture and its supporting monetary companies sector” within the wake of the VC’s backing.
“DAS is already serving to the agri-enterprise trade and the monetary companies 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 stated.
Alongside greater than 140 prospects, the enterprise now employs greater than 40 individuals.
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