CIBO, the only technology company that empowers an individual to evaluate land using science-based, parcel-level insights on a national scale, announced today the appointment of two new members to its board of directors: financial technology (fintech) expert and former Venmo Chief Operating Officer (COO) Michael Vaughan, and renowned agriculture leader Michael Toelle.
“Michael Vaughan is one of the most widely respected and highly regarded entrepreneurs in fintech,” said CIBO’s CEO Daniel Ryan. “His experience working with groundbreaking companies like Venmo will be extremely valuable to us as we drive continued user adoption of the CIBO Land Intelligence platform and also expand into the financial services sector with new CIBO offerings. We’re thrilled to bring his expertise and insights onboard.”
Vaughan is currently an investor and advisor to many early and growth stage technology companies, and also serves as an executive in residence at Oak HC/FT, a premier venture growth equity fund that invests in healthcare information services and financial services technology. Prior to Oak HC/FT, Vaughan was COO at Venmo, a PayPal service, from 2011 to 2019, where he helped lead the company from their Series A funding round through two strategic acquisitions. By 2019, with Vaughan’s guidance, Venmo reached 40 million active users, boasted a $300 million annual revenue run rate, and was on pace to process $100B in annual payment volume. Prior to Venmo, Vaughan played a pivotal role in growing innovative companies in the wireless, financial services, and event ticketing industries.
Toelle owns T & T Farms, a diversified farming company, and sits on the board of CF Industries Holdings, Inc., a manufacturer and distributor of nitrogen-based fertilizers located in Deerfield, Ill. Toelle also serves on the board of directors for the Nationwide Mutual Insurance Company based in Columbus, Ohio.
“Michael Toelle possesses an in-depth understanding of the broader agricultural ecosystem,” Ryan said. “His extensive work in and deep familiarity with agriculture will bring essential insights to CIBO’s product and market strategies. His agricultural knowledge and experience will be invaluable to CIBO as we continue to support and innovate for the most important industry in America — agriculture.”
Prior to joining CIBO, Toelle served as chairman of the board and longtime board member for Minnesota-based CHS, Inc., the largest cooperative business in the U.S. He also served on the board of directors for Cenex, Inc. before it merged with Harvest States Cooperatives in 1998 to create CHS. In addition, Toelle previously served as a director for the Agricultural Council of America and Country Partners Cooperative.
“Our two new board members will help CIBO further differentiate our innovative presence in the farmland ecosystem,” Ryan concluded. “Both share CIBO’s vision of creating efficiencies in the land ecosystem by making objective, science-driven information available to any stakeholder for the first time.”