CSIRO-backed agriculture-focused fintech DAS is putting $3 million into the midst of Canadian expansion
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 has been backed by existing investors including CSIRO, Startmate and several high net worths – and ahead of a wider US series later this year. The company has now raised a total of $12 million.
DAS is a product-focused fintech focused on agro-enterprises, founded in partnership with CSIRO in 2017. It wanted to change the way it borrows, insures, finances and allocates capital in a high-risk environment and participated 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. Expanding into New Zealand, DAS now has its sights set 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 co-founder and CEO Anthony Wilmot said the SaaS platform and its data products add value to agro-financial services and agri-enterprise clients in three ways: digitizing and transforming internal processes, strengthening risk management and driving targeted grow.
“This is an important 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 allow us to scale our ambition globally.”
TELUS Ventures Vice President Mario Mele said she expects “DAS to bring meaningful positive change to agriculture and the supporting financial services sector” in the wake of the VC’s support.
“DAS is already helping the agri-enterprise industry and financial services to fundamentally transform the way it borrows, insures, finances and allocates capital in a world with growing concerns related to global food security,” he said.
In addition to more than 140 customers, the company now employs more than 40 people.
