BayWa Venture GmbH, a subsidiary of BayWa AG, together with the Austrian company RWA Invest GmbH, have each acquired an 11.3 percent interest in the Irish start-up FarmHedge Ltd. FarmHedge is an online platform for trade between the farmer and the agricultural retail sector. Local retailer can use this digital sales channel to sell equipment and purchase agricultural products, especially in the subsequent registration. FarmHedge is the fourth Group company to come out of BayWa and RWA Raiffeisen Ware Austria's joint platform for innovation, the Agro Innovation Lab's Acceleration Program. The Irish company took part in the program in 2017 as one of six start-ups.
'The investment in FarmHedge fits with our omni-channel strategy', says Klaus Josef Lutz, CEO of BayWa AG. 'Together with our competence centres in the regions and our outstanding warehouse and logistics service, this allows us to be faster in supplying our customers than a classic online retailer.'
Marion Meyer, Head of BayWa Venture, adds: 'The investment in FarmHedge opens up an exclusive digital sales channel in our domestic markets. To be able to service the requirements of our customers at an even more individual level in future, this will be expanded with self-learning software to optimise quote generation.'
'FarmHedge is a fantastic tool for agricultural retailers and farmers', says FarmHedge CEO John Garvey. 'It establishes digital communication paths and revolutionises the business relationship between retailers and farmers. BayWa and RWA have identified the value of our trading platform and are strong strategic partners that will enable us to successfully establish ourselves on the market.'
FarmHedge is already in use in the BayWa Eastern Bavaria sales region. In Austria, the online platform is also already being successfully used by three warehouse cooperatives with the support of RWA Raiffeisen Ware Austria. The medium-term plan is to develop new markets outside Germany and Austria.
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BayWa AG published this content on 28 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 November 2018 10:10:10 UTC