Traction AG Announces $3 Million Seed Funding to Further Expand Cloud-Based Farm Accounting and Management Application
Traction Ag Inc., the first cloud-based farm management software that delivers financial solutions to growers across the midwest, announced it has raised $3 million in Seed funding. The company will use this investment to bring added functionality and value to its integrated farm accounting and operations application.
The funding round includes participation from Hageman Group, Allos Ventures and Elevate Ventures. In addition, Don Aquilano, co-founder and managing director of Allos Ventures, and Shane Hageman, president of Hageman Investments, will join the Traction Ag Board of Directors. The investment and expansion of the board further enhances Traction Ag’s team, with the company solidifying a renewed commitment to independence and focus on customers/stakeholders.
“The agriculture industry is in the midst of a significant shift in demographics,” said Ian Harley, co-founder and CEO of Traction Ag Inc. “The new generation of farm management wants to be on the cutting-edge of production, and that requires access to real-time farm financial analysis. As the only farm accounting and management solution uniquely built for the cloud, we look forward to providing continued support to growers navigating the new digital ecosystem.”
Traction Ag delivers the most extensive suite of farm-specific accounting capabilities in a cloud application, including accounting, operations and a fully digital payroll that automatically files and pays the grower’s Federal and State payroll taxes.
“Farmers need an easy-to-use system that connects field operations to farm accounting to see accurate field, crop, and total farm profitability. 60% of farmers are using accounting systems that aren’t agriculture specific or disconnected from field operations, therefore missing these valuable farm management insights,” said Shane Hageman, president of Hageman Group. “Traction Ag automates data collection to save time, improve accuracy, and equip farmers with financial tools to improve their decision making and peace of mind.”
“We view Traction Ag’s farm accounting solution as a long-term investment for a generational change in agriculture,” said Don Aquilano, co-founder and managing partner at Allos Ventures. “As an employee- and farmer-owned company, Traction Ag is the only fully integrated, farm-specific solution serving the needs of today’s generation of progressive growers.”
Traction Ag will use this round of funding to rapidly expand its platform’s capabilities. Its customer success team will also expand to continue to provide excellent service, which remains an important pillar of the company’s overall solution.
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