Is Fintech the next step for Agtech?
This is Tim Hammerich from the Ag Information Network with your Farm of the Future report.
Data and technology are taking the financial world by storm, but will this fintech wave hit agriculture? Venture capitalist Mark Blackwell thinks so. He has invested in Stockguard, which seeks to offer more effective insurance products to poultry and livestock producers, and says the same model could work in other areas of agriculture.
Blackwell… “And so we have a company in fund one’s portfolio called Stockguard. This thinks of the poultry and livestock insurance market. And they’re out right now, raising a Series A. And so there’s market inefficiencies in Canada and the United States that only thinks about the general underwriting philosophy, how do we access proprietary data for feed a subscription model. And so in animal, equipment, grain, dairy, land, retail, we spend a lot of time double-clicking on those categories to understand, you know, what are lending services, insurance, crowdfunding, where there are just general inefficiencies and new business models coming to play. And so the big category of alternative assets, but the second category of FinTech and integrated insurance is really very interesting where we spend time.
Blackwell, who is a partner at Builders VC, said companies that already have a foothold in data collection could play an important role in delivering these fintech products.