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- 💰 Harvesting Millions: What's Growing Next?
💰 Harvesting Millions: What's Growing Next?
Monarch Tractor's Series C Funding Round, AgFunder's IV Fund Close, Micropep's Series B & More!
Sepehr Achard
July 26, 2024
Good morning, readers!
We're excited to bring you the latest updates from the world of agricultural technology.
Estimated Reading Time: 5 - 6 minutes
Here's a Quick Rundown of The Main Topics Covered in Today's Edition:
FUNDING ROUND
Monarch Tractor Secures $133 Million Series C Funding Round
Image provided by Monarch Tractor
Monarch Tractor announced what is considered a historic $133 million Series C funding round. This milestone marks the most significant funding round in agricultural robotics history, underscoring the growing importance of technological innovation in farming.
Utilizing Series C Funds for Future Growth
The Series C funding will be pivotal in supporting Monarch’s further development of cutting-edge AI product offerings and expanding its operational footprint domestically and globally. This funding round was co-led by global impact investor Astanor and HH-CTBC Partnership, L.P., with additional support from At One Ventures, PMV, and The Welvaartsfonds.
Monarch’s Mission: Farmer Success and Sustainability
“Driven by artificial intelligence (AI) and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement,” said Praveen Penmetsa, CEO and co-founder of Monarch Tractor. “Agriculture is our planet’s most important and overlooked sector, and those in the industry have faced significant challenges, including farm profitability, labor shortages, worker safety, government headwinds, data availability, and scrutiny for sustainability demands. Monarch’s application of AI and introduction of a smart, electric platform will deliver farmers robust social, economic, and environmental returns.”
VENTURE FUND
AgFunder VC Closes Fourth Early-Stage Fund at $102 Million
Image provided by AgFunder VC
AgFunder VC announced the closing of its fourth early-stage fund at $102 million, exceeding its target. The firm’s limited partners (LPs) include notable family offices like GeoBlue AG and Nest, and institutions such as Japan’s Norichukin Bank and Alexandria Real Estate.
Fund IV Overview
Fund IV aims to invest in early-stage companies capable of transforming the global food and agriculture industries. Over a third of the fund has already been deployed, supporting a diverse portfolio of startups focusing on deep tech innovations.
Achieving the Impossible
Manuel E. Gonzalez, partner at AgFunder, reflected on the challenges and achievements: “When we were told, ‘You can’t 5x the size of your last fund; you will fail,’ we took it as a challenge. As if the challenge wasn’t tough enough, fate added war in Europe, soaring interest rates, and a banking crisis in Silicon Valley. It was an environment we did not expect, but we achieved what seemed impossible. Our VC platform is like no other, integrating AI, news, and an exceptional team to dive deeper into technologies that drive growth and human progress. That’s what we do at AgFunder VC.”
FUNDING ROUND
Micropep Technologies Bags $29 Million in Series B Funding
Image provided by Micropep Technologies
Micropep Technologies announced the closing of a $29 million Series B funding round. This round was led by Zebra Impact Ventures and BPI Green Tech Investment, with all existing investors, including Fall Line Capital, FMC Ventures, Sofinnova Partners, Supernova Invest, and IRDI Capital Investissement, also participating. The latest investment brings Micropep’s total funding to over $51.8 million.
Accelerating Market Strategy and Development
Micropep plans to use the Series B funding to accelerate its go-to-market strategy through strategic partnerships, complete regulatory studies for its first biofungicide molecule, and expand its pipeline of micropeptide active ingredients using its Krisalix™ platform. This funding will enable Micropep to solidify its position as a leader in sustainable agricultural technology.
“We are pleased to welcome on board Zebra Impact Ventures and BPI Green Tech Investment to help us deliver on our mission to build more sustainable agriculture to protect global food production for future generations,” said Thomas Laurent, Chief Executive Officer and co-founder of Micropep.
ANALYSIS
Is Indoor Farming Making A Comeback?
Image provided by unsplash
Indoor farming is experiencing a resurgence after a significant decline in investments during 2022-2023, marked by soaring energy costs, rising interest rates, and unfavorable funding conditions. Companies like Infarm and Kalera faced severe financial difficulties, leading to bankruptcies. However, recent months have seen a revival, with substantial investments from firms like GrowUp Farms and Oishii.
Experts attribute this revival to emerging markets, climate change, and food security concerns. Companies are now focusing on proven results and strategic investments. The industry is also benefiting from an influx of capital, driven by both venture capital and private equity, which is expected to spur further growth, particularly if interest rates decline.
OTHER NEWS
This Week’s Other News: Venture Fund, Funding Round, Partnerships & More!
Image provided by unsplash
💰 Natural Ventures has announced the first close of its impact-focused venture capital fund targeting high-technology solutions for global food and water security. Headquartered in Abu Dhabi, the fund benefits from the region’s strategic importance in these sectors. Notable investors include Helm AG, Chemovarteq, and a strategic UAE investor. The fund launches with an initial portfolio of four leading technology companies.
🌾 PheroSyn has secured funding from Tall Grass Ventures (TGV), a Canadian venture capital firm, with a focus on sustainable pest management. The funding will accelerate product portfolio expansion, research and development, and market reach. PheroSyn’s products offer a safer and more targeted approach to pest management, minimizing environmental impact.
🤖 Farmblox announced the successful raising of $2.5 million in seed funding. This investment will enable Farmblox to expand its reach into new markets, including vineyards and orchards. Hyperplane led the funding round, which also included contributions from Slow Ventures, MHS Capital, and Service Provider Capital.
🌽 Bayer France and Elicit Plant announced an exclusive partnership to distribute Best-a and EliZea products in France. These products, designed to address water stress in maize, aim to foster a more sustainable and resilient agricultural future.
🤝 Varda announced a partnership with Cropler to improve the efficiency and sustainability of agricultural practices globally. Varda’s Global FieldID service, which provides a geospatial reference framework for the agricultural industry, will be integrated into Cropler’s monitoring system.
🇺🇸 Sipcam Agro Solutions, LLC, a subsidiary of Sipcam Agro USA, Inc., has announced plans for constructing a 12,000-square-foot fungicide and insecticide formulation and packaging plant in Waynesboro, Mississippi. This development follows the acquisition of Odom Industries Inc. assets in December 2023.
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