Jun 22, 2020 - Economy

Crop sustainability developer Indigo Ag raises $300 million

An illustration of a money sign being mowed into a corn field.

Illustration: Lazaro Gamio/Axios

Indigo Ag, a Charlestown, Mass.-based developer of crop sustainability and selling solutions, raised around $300 million in new Series F funding, Axios has learned.

Why it's the BFD: Indigo is the world's most highly valued agtech startup, with a $3.5 billion post-money valuation.

  • The Series F round total is expected to be around $500 million, including an initial $200 million announced in January (of which $175m was equity).
  • Return backers include Flagship Pioneering and Alaska Permanent Fund, while Riverstone Holdings is a new investor. Fedex also participated on the initial tranche, while the post-money valuation is flat from a Series E round raised at the end of 2008.
  • Indigo Ag declined comment.

The bottom line: "Indigo started with a microbe-based seed treatment in 2016 and has since evolved into an online grain marketplace, an online transport matchmaking service for that grain, a carbon market to give farmers a financial incentive for sequestering carbon with regenerative agriculture, and a data platform underscored by its acquisition of the satellite imagery business TellusLabs," writes AgFunder News.

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