A NEW Zealand-based agtech company has recently completed one of the biggest known capital raises in the sector, with the company now boasting a value of $2.9b (US$2b).

Halter has been operating in NZ since 2016 and has recently made moves into Australia, with several states bringing in legislation to allow the use of virtual fencing.

The capital raise brings Halter to “double unicorn” status – unicorn being a term used among tech startups to describe companies that reach $1b in value.

The company says will use the capital to accelerate its commercial expansion in Australia and across the United States, bring forward the roll-out of new products, and open up more international markets.

The recent capital raise for Halter was led by the US-based Founders Fund, a capital firm that has funded companies like SpaceX and Airbnb and is headed up by NZ billionaire Peter Tiel – who was a co-founder of Paypal.

The company says it also had help from existing investors, including Australia’s Blackbird, Icehouse Ventures in New Zealand, and DCVC, Bond, Bessemer, Promus, Ubiquity and NewView in the United States.

The company says more than 2000 farmers across Australia, New Zealand and the United States already use the Halter system, with a million collars now sold for beef and dairy cows. Additional market access was recently granted in the Australian states of Victoria and New South Wales.

Craig Piggott, CEO and founder of Halter, said the capital raise and new valuation reflect the company’s success and ambitions.

“We want to use innovation to fundamentally change what it means to run a farm.”

“Farmers have embraced Halter because it allows them to be more productive, efficient and profitable.”

“This raise will allow us to keep innovating and delivering for farmers.”

Halter will deploy the new capital to grow its commercial and field operations across Australia, New Zealand, and the US while expanding into other international markets, starting with Ireland and the UK later this year. The company already has early farms in Canada and is also exploring further expansion in North and South America this year.

Investment will continue across product development, including animal health monitoring and pasture management, shaped by how customers are using the system in the field. The focus remains on supporting farmers building their operations with Halter.

Halter plans to hire an additional 200-plus people – its largest-ever recruitment – with a focus on product, engineering, and customer roles at its Auckland HQ.

“Farmers are the backbone of rural communities and the Australian economy,” Piggott said.

“We’re proud to support them with world-leading technology.”

Source: Halter

• The read more about the development of virtual fencing in Australia click here