Iowa based FarrPro, Inc. announces successful seed capital raise
IOWA CITY, Iowa, June 28, 2018 /PRNewswire/ -- Iowa City, Iowa, based FarrPro, Inc., an agtech startup and member of the 2017 Iowa AgriTech Accelerator inaugural class, wrapped up its investment seed round and has successfully raised the necessary capital to support the ongoing development of FarrPro's flagship Haven product and the company's plans for near-term growth.
Iowa-based Grinnell Mutual, the largest primary reinsurer of farm mutual companies in North America, is the lead investor. Farmers Mutual Hail Insurance Company of Iowa, Iowa AgriTech Investment Fund, and a small group of angel investors hold the remaining positions in the round.
Though FarrPro has successfully completed the subscribed portion of this round the company has chosen to keep the round open to industry-specific strategic partners through the end of October 2018.
"We have an incredible group of investors participating in the round — individuals and organizations that have been, and will be, key to our success," said co-founder and CEO Amos Petersen. "We're humbled by the strong response to our offering, and are eager to start working with our investors and strategic partners to create transformative solutions for the pork industry and animal agriculture as a whole."
FarrPro focuses on creating innovative, energy- efficient solutions for livestock producers who want to improve the health, welfare, and quality of life of their animals. Its Haven product creates a microclimate for piglets that evenly distributes heat and light along the creep wall of a farrowing crate. The result is a safe, energy efficient environment for optimal piglet growth and improved sow comfort.
"We're thrilled to have the opportunity to lead the seed investment round for FarrPro. Many of our policyholders could benefit from the company's Haven product," said Kurt Eaves, Grinnell Mutual vice president of Underwriting, Sales, and Service. "Not only is this another strategic investment for our company, it also supports our commitment to innovation in the agricultural space and to serving and protecting our customers."
FarrPro is also excited to announce the addition of David Raduechel and James Wetzel, PhD, to the FarrPro team.
Raduechel joined FarrPro in April of 2018 as the Chief Financial Officer and Director of Operations. He holds a degree in finance from the University of Iowa and has served in COO and CFO positions for two multimillion-dollar corporations. David brings a wealth of knowledge and experience in cost accounting, supply-chain management, manufacturing, and company operations to the FarrPro team.
Dr. Wetzel joined FarrPro in June of 2018 as Director of Research and Development. He earned his PhD in experimental particle physics from the University of Iowa. Dr. Wetzel's passion for science and uncovering simple solutions complements FarrPro's dedication to breakthrough innovation.
About Grinnell Mutual
Grinnell Mutual, in business since 1909, is the 109th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America. It is based in Grinnell, Iowa, and its products are available in 19 states.
About the Iowa AgriTech Accelerator
The Iowa AgriTech Accelerator, was founded in 2016 and based in Des Moines, Iowa. It is a mentor-led program that allows startups to collaborate with agriculture industry leaders and present their solutions to refine product market fit, perform customer discovery within the industry, and build strategic partnerships. The accelerator is part of the Global Accelerator Network, an ecosystem of accelerators whose mission is to work with startups towards scalable and sustainable growth.
For more information:
Website: www.farrpro.com
SOURCE FarrPro, Inc.
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