Having outgrown its first digs at Invest Ottawa’s incubator space, FarmLead picked up its roots and moved into a new office space this week.
The agri-tech firm, which hosts an online marketplace for grain dealers across North America, set up shop at 240 Bank St. on Thursday, leasing a 2,800 square foot space with room for roughly 30 employees.
FarmLead has called Invest Ottawa’s incubator home since its inception, but armed with a US$6.5 million seed round from this past March, the 31-person firm’s expansion plans necessitated a new office in Chicago and space of its very own in Ottawa.
When it’s time to increase prices, it can be a delicate subject, as businesses don’t want to alienate their customer base or appear opportunistic.
FarmLead told OBJ in April that more than 4,000 farmers now use its platform. FarmLead has processed the sales of roughly 1.4 million tonnes of grain since its inception, with the average transaction valued at $70,000.
The firm’s rapid growth has also attracted the attention of Forbes, which listed FarmLead among its top 25 innovative agri-tech firms around the world. Forbes writes that the industry is primed for a breakout, noting that the listed firms have totalled more than $400 million in financing, but with no clear winners, “it’s hard to say who might become the Facebook or Amazon of the scene.”