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- Spenda (SPX) makes a $1.025 million strategic investment into blockchain data partner Fresh Supply CO (FSCO)
- The buy nets SPX a 4 per cent equity interest in FSCO and gives it the right to appoint a director to the company’s board
- Spenda says the investment marks the “digital cornerstone” of its agribusiness strategy
- FSCO’s solution, together with Spenda’s accounts receivable, accounts payable and wallet capabilities, will create a joint product delivering growers faster payment cycles and access to capital
- Shares in SPX are trading grey at 1.3 cents per share at 2:54 pm AEDT
Spenda (SPX) has invested $1.025 million into blockchain data partner Fresh Supply Co (FSCO) in an effort to bolster its presence in the agricultural business sector.
Through the investment, Spenda will acquire a 4 per cent equity interest in FSCO and gain the right to appoint a director to the FSCO board.
Spenda said FSCO was considered a leader in the digitised asset space and worked across multiple food supply chains, from aquaculture and horticulture to mixed farming, dairy and meat production.
The company said the investment marked the “digital cornerstone” of Spenda’s agribusiness strategy and brought integrated provenance and farm operating data that could be used across the Spenda solution to trigger payments and de-risk lending.
“Combining the innovation in Fresh Supply Co’s technology and the visibility they have in the data cycle with Spenda’s Accounts Receivable and Accounts Payable technology stack provides a unique solution that offers irrefutable value to the agricultural sector,” Spenda Managing Director Adrian Floate said.
Both parties will collaborate to come up with a joint product that can be used by old and new agribusiness customers, delivering growers faster payment cycles and access to capital.
“I have confidence in FSCO and Spenda rolling out a joint solution to streamline, simplify, and finance agricultural supply chains,” Argyle Food Group Co-CEO Byrce Graham said.
“This is a great opportunity for agriculture to leverage financial tools and opportunities that have historically been limited to other sectors.”
The board of Spenda said the investment is both tactical, facilitating faster “land grabbing” of customers, and strategic, with Web 3.0 and open ledgers being among the high-growth technologies that are shaping the future of banking.
Shares in SPX were trading grey at 1.3 cents per share at 2:54 pm AEDT.
