Participated · Equity · Aug 2023

Bushel develops software tools that digitize, permission, and accelerate information, transactions, and payments across the agricultural supply chain. Its platform includes a flagship mobile app, websites, trading tools, digital payments, market feeds, API services, and farm management software. Key products and initiatives include Bushel Wallet for digital payments and Bushel Farm, a next-generation farm management software launched after the acquisition of FarmLogs in 2021. The Bushel Network comprises more than 100,000 farmers and 2,600 grain and ag retail locations and securely manages account-related data for more than 45% of farm-originated grain in the U.S. and Canada annually (an estimated 10 billion bushels). Enterprise customers such as Scoular, The Andersons Inc., and ADM use the platform, and the company is SOC 2 Type II compliant and processes debit transactions over PCI-certified networks. Bushel offers a software platform — including a mobile app, websites, trading tools, market feeds, API services and a custom software division — that connects growers, grain buyers, ag retailers, protein producers and food companies. The platform integrates with grain accounting systems, trading desks, farm management systems, insurance companies and market feeds to standardize and permission data across the supply chain. Monthly, 60,000 growers use Bushel’s products and nearly 2,000 grain buying locations across the U.S. and Canada rely on the platform; Bushel reports its platform reaches 40% of U.S. grain origination and $22 billion of grain is contracted annually within its ecosystem. Bushel plans to introduce payments, credit and trading offerings and increase data services to help consumer brands sustainably source commodities and accelerate current product offerings. The company emphasizes data security, ownership and transparency and positions itself as an independent integration hub to reduce manual processes and strengthen grower–agribusiness relationships. Bushel was founded in 2011, launched its platform in 2017, and is headquartered in Fargo, N.D. Bushel provides software technology solutions that integrate into grain elevator accounting systems and market feeds to deliver real-time account information directly to growers. Its elevator-branded apps power real-time scale tickets, contracts, commodity balances, futures, prepaids, cash bids, settlements, e-sign and contract management. The product suite also includes websites and market feeds and a custom software division focused on agriculture. Since launching in 2017, Bushel's software has powered 1,200+ grain facilities across the U.S. and Canada. The company intends to use new funds to accelerate offerings for the grain industry and broader agriculture supply chain, including technology and solutions to improve profitability and market access for growers and to enhance efficiency and insights for financial services and farm management companies. Planned work also includes linking in-season production data and sustainable practices with downstream traceability and enabling direct and local sourcing of grains and other crops. The company is led by co-founder and CEO Jake Joraanstad. Bushel offers a patent-pending, cloud-based platform delivered through business-branded mobile apps that gives growers real-time access to scale tickets, contract settlements, cash bids, pre-pays, e-signatures and contract management. The platform is powered by a proprietary translator developed by Myriad Mobile and includes an API and secure infrastructure to connect fragmented systems across the grain value chain. Since launching in June 2017, Bushel has expanded from ten pilot locations to more than 400 elevator and ethanol plant locations across the U.S. and Canada, and more than 20,000 growers have access to Bushel-powered apps. The company plans to use new funding to expand its reach, accelerate product roadmap and R&D, improve customer success, and evaluate strategic acquisition opportunities. Bushel is positioned as a free, grower-facing tool offered through trusted grain buyers and has been adopted by leading elevators, cooperatives and ethanol plants such as Landus Cooperative, Agtegra and Flint Hills Resources. Myriad Mobile’s custom software division will continue to provide ongoing strategy, design and development services for Bushel.