The additional funding will help Indigo Agriculture to accelerate its mission to scale up and integrate its core line of business
Indigo Ag secures additional funding from existing investors. (Credit: Pixabay/Frauke Riether.)
Indigo Agriculture, an agricultural technology company, has secured additional funding of $360m from new and existing investors including the Alaska Permanent Fund Flagship Pioneering, the initial investor in Indigo.
The funding includes $260m in preferred equity and $100m in convertible equity. It follows the $175m in convertible equity secured by the firm this January. The latest round brings the total Series F financing to $535m.
The Massachusetts-based agtech firm leverages and combines natural microbiology and digital technologies that can improve growers’ profitability, environmental sustainability and consumer health.
Indigo Ag claims that its technologies underpin a new business model, spanning the entire value chain of agriculture. Its digital platforms are claimed to benefit tens of thousands of growers across millions of acres.
The capital will be used to accelerate Indigo Ag’s vision by scaling up and integrating its core line of business including Indigo Marketplace, Indigo Carbon, Indigo Transport, Digital Agronomy, and Indigo Microbials.
Indigo Agriculture appoints Moderna’s founding CEO Stéphane Bancel to board of directors
Indigo Ag CEO David Perry said: “Indigo’s offerings enable growers to get paid more for quality and sustainability, while harnessing the potential of agriculture to address climate change.
“One of these offerings, Indigo Marketplace, a platform that directly connects farmers with grain buyers, has completed over $1B in transactions since launching in September 2018.”
The firm had also appointed biotechnology company Moderna’s founding CEO Stéphane Bancel to the board of directors.
Indigo Agriculture board chairman Robert Berendes said: “Stéphane’s pioneering approach to using messenger RNA to create a new generation of medicines for patients – particularly the work he is leading to bring forth one of the first potential vaccines against the global Covid-19 pandemic – highlights his commitment to driving transformational change by embracing innovation and new ways of thinking.
“His demonstrated leadership will further propel Indigo through its next phase of growth and discovery.”