Breedr has smashed its crowdfunding target just 24 hours into the campaign.

Initially opening to existing farmer members and investors, the firm raised over £1.6 million in just 24 hours, well beyond its £1 million target.

The Crowdcube campaign opened to the public on Monday, October 25, and is likely to reach the investment ceiling far earlier than expected.

“We’ve been overwhelmed with the support from our farmer members and investors,” said Ian Wheal, founder of Breedr.

People are really keen to help make the beef supply chain more efficient, improving farmers’ profits and environmental footprints.

“We know that farmers support agri-tech businesses which are changing the industry for the better – based on the success of the Small Robot Company, for example – but we’re genuinely touched that they share our vision of efficient, data-driven supply chains.”

What is Breedr?

Breedr, which launched in 2019, now has more than 1,000 active farmers with 160,000 cattle registered on the platform.

Farmers can use the free app to record all of their livestock movements, weights and growth rates, and medicine usage.

They can also buy and sell cattle directly with other farmers, with nearly 4,500 animals – worth £3 million – traded since January 2021.

In addition, the firm launched the world’s first long-term, minimum fixed beef contract in March, offering farmers confidence in investing for the future and the ability to borrow against their stock.

Wheal added:

By using their own data to become more efficient, Breedr farmers are finishing animals more quickly, in-spec and with two tonnes less food than average – saving more than 800kg of carbon per head.

“The opportunities are incredible, and we want our producers to be part of building a profitable and resilient future for the whole sector.”