The Deal and Investors:
Boston, Massachusetts-based sustainable agriculture solutions provider, Indigo Ag Inc (Indigo Agriculture or Indigo), announced today the raise of USD 360mn in additional financing, with participation from new and existing investors including Alaska Permanent Fund and Flagship Pioneering, bringing total capital raised by Indigo since inception to more than USD 1.2bn.
The latest funding, comprising USD 260mn in Series F preferred equity and USD 100mn in convertible equity, brings Indigo’s total Series F preferred financing to USD 535mn.
Indigo didn’t disclose the latest valuation of the company. Its representatives didn’t immediately respond to AnalyzeMarkets request for comment. Indigo was previously reportedly valued at USD 3.5bn in its Series E funding round, raised in Sep 2018.
The funding to be used to scale and integrate Indigo’s core lines of business: Indigo Marketplace, Indigo Carbon, Indigo Transport, Digital Agronomy, and Indigo Microbials.
“Indigo’s offerings enable growers to get paid more for quality and sustainability, while harnessing the potential of agriculture to address climate change,” said David Perry, Indigo’s CEO. He added that the Indigo Marketplace, launched in Sep 2018 has completed more than USD 1bn in transactions to date.
The Company and Previous Funding Rounds:
Founded in 2014, Indigo is a sustainable farming and agriculture solutions company. It improves grower profitability, environmental sustainability, and consumer health through the use of natural microbiology and digital technologies.
Indigo’s core lines of business include Indigo Marketplace, Indigo Carbon, Indigo Transport, Digital Agronomy, and Indigo Microbials. Indigo Marketplace is an ecommerce platform that connects farmers directly with buyers of their crops. Indigo also facilitates grain quality testing, transportation, and payment.
Major backers of Indigo include Alaska Permanent Fund, Flagship Pioneering, FedEx, Pacific Western Bank, Investment Corporation of Dubai, Baillie Gifford, Activant Capital,
Previously, Indigo had raised USD 250mn in Series E funding round in Sep 2018 and USD 203mn in Series D funding round in Dec 2017.
Market Overview:
The global smart agriculture market is expected to grow from USD 13.8bn in 2020 to USD 22bn by 2025, at a CAGR of 9.8%, according to Markets and Markets.
Key players in the market include Deere & Company, Trimble, Topcon Positioning Systems, DeLaval, Heliospectra, Antelliq, AKVA group, InnovaSea Systems, LumiGrow, AG Leader Technology, Raven Industries, AgJunction, and The Climate Corp, among others.
Deal Category Venture Capital
Deal Official Announcement Yes
Deal Announcement 3 Aug 2020
Deal Type USD 360mn Series F Additional Funding
Startup Company Indigo Ag Inc
Startup Category Agritech
Startup Sector Consumer Staples
Startup Country USA
Funding Round Series F
Total Amount Raised USD 360mn
Total Series F funding USD 535mn
Participating Investors Alaska Permanent Fund and Flagship Pioneering
Founded Date 2014
Total Capital Raised Since Established USD 1.
