GrainChain, a McAllen, Texas-based blockchain-powered Agri-tech company digitizing the agricultural supply chain, has raised $29 million in a fresh funding round to boost its growth across the US and Latin America.
Overstock.com Inc., an online furniture and home goods retailer, contributed $10 million through a convertible promissory note to the funding round. Pelion Venture Partners used its flagship fund series to contribute $10 million.
The round saw participation from Brigham Young University through BYU Cougar Capital, bringing the company’s total cash received through all funding rounds to $39.7 million.
GrainChain co-founder and CEO Luis Macias said, “GrainChain utilizes blockchain and IoT technology to digitize the agricultural supply chain and create an easier, faster, safer transaction environment for producers and buyers of the end commodity.”
It is a technology business that offers a range of tools that, by digitizing the supply chain and lowering counterparty risk, assist in facilitating transactions and financing for agricultural companies.
GrainChain tracks the supply of tradable commodities between producers and purchasers to build fair marketplaces, offering solutions to farmers, wholesalers, supermarkets, and other agricultural firms to obtain speedier payments.
Its solutions cover inventory management, distribution and transportation logistics, and data tracking from seed to harvest.
GrainChain’s software ecosystem empowers suppliers and reduces the risk for buyers
The GrainChain software ecosystem, led by CEO and Co-Founder Luis Macias, connects and improves supply chain visibility for all participants, empowering producers and suppliers while lowering risks for lenders and buyers.
The organization has increasingly concentrated on making it easier for producers to get financing to support them in running their businesses smoothly since the agriculture markets have faced significant economic challenges in recent years.
Brazil is one of the four regions where GrainChain has been assisting with operations since 2020, along with the US, Mexico and Central America.
GrainChain partnered with Exportadora de Café California, one of the largest coffee exporters in Mexico, in January.
Thousands of small-scale coffee and other commodity farmers throughout Central America have joined GrainChain.
The business additionally provides operational support for MasterBarter in Brazil, a company established to increase farmers’ access to bartering and foster financial inclusion for business owners and employees without access to central banks.