IAG Firemark Ventures is IAG's $75M venture fund investing in emerging technologies with the potential to disrupt the value chain, create new pathways to market, and enhance customer understanding.
Assess whether Digital Agriculture Services (DAS) is a worthwhile investment for Firemark Ventures and determine potential synergies and commercialisation strategies with IAG products.
At this point in time, IAG’s core business was under growing challenge, so the exploration and investment to enhance or create new revenue streams was fundamental to the future of IAG.
DAS was a business we were already aware about in the AgTech space, however what prompted a deep dive was that we heard they were looking for a raise. This led us to conduct a deep dive analysis on the business and AgTech industry. After understanding the AgTech industry, the products and services offered by key players, and the strong possibility for upside in this sector, we saw potential for AgTech to be leveraged within our portfolio and key capability harnessed at IAG.
After conducting our competitor analysis, DAS came out as a winner and was at the most appropriate stage of the startup lifecycle for our fund's investment thesis.We then reached out to the Co-Founder & CEO to sign NDAs and conduct our due diligence on the business. After deep assessment of DAS's strategy, product, technical infrastructure, financials, and key risks to IAG, we decided the investment was imminent.
We had several workshops with the DAS team to identify synergies with IAG's products and services and we discovered several which they were happy to support us with. Who doesn't love a win-win?
We created the material required to support a business / investment case for the IAG Investment Committee noting several high impact use cases for IAG's agri product line.
Greater pricing and underwriting accuracy – proven to be successful for the Agri Business team
Further understand asset data – through DAS’s asset identification capability
White labelling products and services – potential opportunity to co-develop Insurance Hub product through DAS
New products and service creation – new offerings to create additional revenue streams for IAG
The investment in DAS was done and we kicked off our pilots and projects to leverage DAS's core product (DAS Rural Intelligence Platform) with IAG's core agri product line. Fast forward to 2021, DAS's valuation had doubled from our initial investment. A great win.
"I have had the pleasure of working with Sajain as part of the Ventures team and am happy to recommend him. He is one of the hardest working and most diligent individuals I have had the benefit of working alongside.
Sajain has been able to quickly adapt to the Ventures team, tackle complex and ambiguous problems while adding significant value through his work. He has completed in depth market scans and research, drafted investment committee submissions, assisted on due diligence and constructed commercial agreements and MoUs on our behalf.
Along with all of that, he is one of the nicest people to work with and seems to get along with everyone that he meets.As such, I am happy to recommend him for anything that he pursues."
Michael D - General Partner, Firemark Ventures IAG