Stable, which stylises itself as the home of hedging for the agricultural commodity industry, has scored $60m in its Series B funding round.
Acrew led the round, with commitments also coming from Greycroft, Notion Capital, Syngenta and Continental Grain Company.
Stable will use the fresh funds to help clients better understand and manage their price risk. New initiatives will see the aggregation of financial news, and enhancements to Stable Data, a product suite that visualises and assesses markets. It will also support the development of Stable Risk from its current focus on options to offering clients swaps and collars.
The FinTech company was founded in 2017 by Rich Counsell whilst in an old cow shed on his family farm in Somerset, UK. He wished to make hedging simple and accessible. Since its launch, it now lists 500 untraded commodities that can be hedged on the platform.
Counsell said “Hedging is seen as complex and risky to most business owners, yet the benefits of bringing stability and predictability to an income statement shouldn’t be reserved for giant multinationals and sophisticated traders. Businesses of every size, sector and location should have the ability to understand and manage their price risk so they can invest in the future with confidence.”
The company operates across the US, Europe and Asia and employs over 60 commodity experts, quants and data scientists. It claims to be on track to transfer $1bn of risk by 2025.
Acrew Capital general partner and co-founder Vishal Lugani said, “Over the last two years, no business has been spared from the uncertainty that stems from volatile commodity prices. Any savvy business leader that is affected by commodity price fluctuation should be using Stable’s cutting edge offering to manage this volatility.
“Acrew is glad to be partnering with Rich and team; in leading this investment round, we hope we can support Stable as they build a new category of risk management.”
As part of the deal, Lugani will join Stable’s board of directors.
Earlier this month, AgriDigital closed a $25m funding round, to support its mission to grow the value of grain by building grain management and financing services for farmers.
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