The Government of Australia has invested in Agrihive, a collaborative organization, which launched Farmecco, a fintech platform for farmers.
Starting in Australia’s beef industry, Farmecco aims to increase the net wealth of Australia’s farmers by capturing all the financial elements of their businesses in an online program and generating live reports that will help them to review all their costs and improve their revenues.
It focuses specifically on improving the number of units farmers sell, and improving the price of the units they sell, but also provides key information to help farmers with succession planning, a core concern as the average age of Australia’s farmers continues to increase.
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These tailored reports, which Farmecco can turn around in an hour after farmers input their information, can also be used by farmers in their interactions with lenders, accountants, law firms, consultants as well as family members, also helping to improve performance.
Farmecco raised $600,000 in seed funding from Australia’s Department of Agriculture and Australia’s meat industry association Meat & Livestock Australia (MLA).