CSIRO-backed fintech DAS (Digital Agriculture Services) has raised $3 million in interim funding in a round led by the VC arm of Canadian communications giant TELUS.
TELUS Ventures was supported by existing investors, which include CSIRO, Startmate and several high net worths – and ahead of a broader US series later this year. The business has now raised $12 million in total.
DAS is a product-focused fintech focused on agri-enterprise, forged in partnership with CSIRO in 2017. It set out to change the way it lends, insures, invests finance and allocates capital in a high-risk climate and took part in Startmate in 2020.
It automates the data agri-financial services need to lend and insure, with a customer base that includes the Australian Bureau of Statistics, Rabobank, Cargill, IAG and Viterra. Having expanded into New Zealand, DAS has now set its sights on the Canadian market, with TELUS also bringing commercial opportunities to the table through its data insights and digital solutions arm TELUS Agriculture & Consumer Goods, which has more than 5,400 customers in more than 50 countries.
DAS cofounder and CEO Anthony Wilmot said the SaaS platform and its data products deliver value to agri-financial services and agri-enterprise customers in three core ways: digitising & transforming internal processes, strengthening risk management and driving targeted growth.
“This is a significant milestone and marks the beginning of a relationship that we believe is of great mutual benefit, with good growth synergies and commercial opportunities,” he said.
“Partnering with TELUS Ventures will enable us to scale our ambition, globally.”
TELUS Ventures vice-president Mario Mele said they expect “DAS will bring meaningful positive change to agriculture and its supporting financial services sector” in the wake of the VC’s backing.
“DAS is already helping the agri-enterprise industry and the financial services materially transform the way it lends, insures, invests finance and allocates capital in a world with increased concerns associated with global food security,” he said.
Alongside more than 140 customers, the business now employs more than 40 people.
Trending
Daily startup news and insights, delivered to your inbox.