2 months, 1 week ago by Bob Gough
Who knew betting on the weather could make a billion dollars? It just did for The Climate Corporation, which underwrites weather insurance for farmers. Monsanto, broke the news this morning that it was buying Climate for approximately $930 million.
The idea is to sell more data and services to the farmers who already buy Monsanto’s seed and chemicals. Climate (formerly known as Weatherbill) has raised $107 million from a plethora of backers since it began fund raising in 2007. Its biggest investors include Khosla Ventures, Google Ventures, Index Ventures and Founders Fund.