On Tuesday Des Moines-based Crop Pro Insurance announced the close of an $8 million round of Series A financing, according to a news release on its website.
Series A funding is useful in optimizing product and user base.
According to the release, Crop Pro will use the investment to expand its team and speed the development of products and services that bridge the gap between agricultural and financial technologies.
Crop Pro will offer risk management solutions for emerging and traditional agriculture markets for the 2018 crop season.
“Our vision is to help growers minimize risk by delivering proven insurance offerings and new risk management tools through our longstanding network of independent insurance agents,” Crop Pro Chairman Billy Rose said in the release. “As agriculture continues to evolve, we want to empower farmers to use the current wave of advanced technologies to solve longstanding productivity challenges while helping them manage the financial risk.”
Crop Pro is a Managing General Agent (MGA) platform specializing in Federal and private crop insurance. Crop Pro currently operates in Midwest states through a network of independent agents.
Crop Pro today also announced that it is the first Ag venture-funded insurance provider to earn approval from the United States Department of Agriculture (USDA) to offer Federal crop insurance products to farmers.