GrainChain Secures $29M To Accelerate Global Expansion
Overstock, Pelion Venture Partners, Brigham Young University (via BYU Cougar Capital) and others participate based on outstanding market growth and performance
MCALLEN, Texas, February 16, 2023 — GrainChain, a U.S.-based technology company, has raised $29M USD in a recent up-funding round as it seeks to accelerate growth in the U.S. and Latin America. The data company sits at the intersection of agtech and fintech with a suite of products that helps facilitate transactions and financing to agricultural players by digitizing the supply chain and reducing counterparty risk.
“2022 was a breakout year for GrainChain in many ways,” said GrainChain CEO and Co-Founder Luis Macias. “We saw explosive growth as our transaction platform, Trumodity, became fully integrated with banking systems in Latin America and when we launched liquidity programs with coffee producers in Mexico and Central America.”
This funding round includes a $10M follow-on investment from Overstock.com, Inc. (NASDAQ:OSTK). “GrainChain has seen impressive growth as Pelion has become more involved,” said Overstock CEO Jonathan Johnson. “With its differentiated technology, we expect GrainChain to become a market leader in the AgTech space. This new up-round of investment will support the company’s efforts to further grow.”
GrainChain’s growth also prompted a $10M investment from Pelion’s main fund in this round. “GrainChain will also be adding Pelion partner Jeff Kearl to its Board of Directors,” said Pelion General Partner and GrainChain Board member Matt Mosman. “Jeff was an early investor in companies like Uber and Coupa, and his experience with other hypergrowth companies will be invaluable in helping guide GrainChain.”
In addition, Brigham Young University invested in this round through their BYU Cougar Capital program, a venture capital and private equity fund run by second-year MBA students from BYU’s Marriott School of Business.
GrainChain’s software ecosystem connects and enhances supply chain visibility for all players, empowering producers and suppliers while reducing risks to lenders and buyers. With agriculture markets facing substantial economic challenges over the last few years, the company has increasingly focused on facilitating access to liquidity for producers to help them run their operations seamlessly.
GrainChain has been supporting operations for MasterBarter in Brazil since 2020, one of four regions where the company currently operates (along with the U.S., Mexico and Central America).
About GrainChain:
Established in 2018, GrainChain has developed a proven suite of products that is leveling the playing field for all participants on the global agricultural supply chain. These solutions combine blockchain and IoT-driven technology to create fully automated and digitized workflows at every stage of the supply chain, providing levels of efficiency, transparency, traceability, reliability and liquidity never before possible. Each product solves a particular set of problems at the different stages of the supply chain creating a true digital chain of custody from the field to the end user.
For more information about GrainChain’s suite of blockchain and IoT agricultural solutions, visit the company website or connect with the team on Twitter, Facebook, LinkedIn and Instagram.
GrainChain is a portfolio company of Medici Ventures, L.P., a blockchain-focused fund. The general partner of that fund is an entity affiliated with Pelion Venture Partners. Overstock.com, Inc. (NASDAQ:OSTK) is the sole limited partner of Medici Ventures, L.P.
About Overstock
Overstock.com, Inc. (NASDAQ:OSTK) is an online furniture and home furnishings retailer and technology-focused innovator based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, décor, area rugs, bedding and bath, home improvement, and more. The online shopping site features millions of products that tens of millions of customers visit each month. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, and Club O are registered trademarks of Overstock.com, Inc. Overstock and Making Dream Homes Come True are trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
About Pelion:
Pelion Venture Partners is an early-stage venture capital firm. Pelion invests in Seed and Series A software companies across the United States.
