BlockGrain, an Australian agriculture and blockchain technology startup, is giving everyday people the opportunity to get a slice ofa new software solution that is set to revolutionise the global food supply chain.
The Queensland-based startup is launching Australia’s first agricultural token sale later this month and is looking to raise AUD$25 million, which will be used to accelerate the development of its AgTech product offering and expand market presence. It has already raised AUD$3.5 million privately, attracting investors in Australia and internationally.
Unlike other public token sales with high minimum investments, BlockGrain is encouraging interested parties to participate in the project for as little as AUD$500 or 0.5 Ethereum (ETH).
Founded in 2015, BlockGrain is a simple to use software solution that allows farmers, brokers and logistic companies to track grain at harvest and through the supply chain to consumers. It also enables farmers to create, manage and track commodity contracts, including invoices, payments and inventory, in a single, mobile application.
BlockGrain is the culmination of two years of design, development, testing and refinement. Its minimum viable product (MVP) has been trialled and used in the local agriculture industry for two harvests, enabling leading grain brokers such as Brad Knight from GeoCommodities to manage and control their grain stock. In 2017, the startup signed RiseAgri, Australia’s largest group of independent grain brokers, as its first major client.
Caile Ditterich, CEO and co-founder of BlockGrain, said that being a fifth-generation farmer from Victoria with 15 years’ of grains industry experience up his sleeve made him acutely aware of the problems facing the agriculture community.
“In the past, if you talked to any farmer, they’d usually say their biggest challenges came down to the weather and bulk commodity prices.
“Today, bearing in mind how quickly digital technologies are disrupting various industries, the concerns of farmers have become far more complex. Their challenges include managing business critical data and cash flow, gaining trust of consumers about the origins for their food, and dealing with complexities of the supply chain, costing famers 30 per cent of their bottom line.
“BlockGrain was created by farmers for farmers, and with a mission to solve these real-life problems. Whether you own a family farm in regional Queensland or simply diversifying your investment portfolio with crypto assets, our upcoming public token sale is an exciting opportunity to contribute to the potential solutions to these problems.”
Funds from the public token sale will be used to add new features to the existing product, allowing BlockGrain to expand beyond the grains industry to fruit, vegetable, wool and livestock markets in Australia and Internationally.
The startup is also looking to leverage the power of blockchain technology to enhance supply chain tracking and automation, improve information and data, de-risk contracts and provide proof of origin.
BlockGrain received AUD$95,000 from the Queensland Government’s Ignite Ideas Fund last year to help fast-track the development of its platform.