Crop Pro Insurance, an insurance and technology firm dedicated to helping farmers manage risk and maximize profitability, today announced the close of an $8 million Series A round of financing co-led by top agriculture investors Finistere Ventures and Seed 2 Growth Ventures (S2G). Established insurance provider GuideOne Insurance also joined the round.
Crop Pro will use the investment to expand its team and speed the development of products and services that bridge the gap between agricultural and financial technologies. Crop Pro will also offer federal crop insurance products to farmers.
Crop Pro will offer risk management solutions for emerging and traditional agriculture markets for the 2018 crop season. More than 290 million acres of U.S. farmland are protected through the federal crop insurance program, according to USDA. Its Risk Management Agency estimates 85% of major crops and 73% of specialty crops planted acreage are covered.
Transforming crop insurance
“Data analytics will transform crop insurance as surely as it will farming itself,” says Crop Pro Chairman Billy Rose. “In the future, we also hope to give farmers a way to use their data more effectively to benchmark the efficacy of new technologies, from crop seed to digital agronomy.
“As agriculture continues to evolve, we want to empower farmers to use the current wave of advanced technologies to solve longstanding productivity challenges while helping them manage the financial risk,” adds Rose.