The capital will be invested in profitably scaling Indigo’s unique science and technology to boost farm revenues and de-carbonize the planet.
20 September 2023, Boston: Indigo Ag, the premier sustainability partner of the agriculture industry, announced that it has raised over $250 million to drive innovation and growth in its sustainable agriculture programs and better serve its customers and partners. The successful investment round signals market validation of the company’s strategy and confidence in Indigo’s unique ability to drive farmer and agribusiness success at scale.
“Farmers and agribusinesses need strong, innovative partners that create value,” said Jed Miller, chief strategy officer for Ag Partners Coop. “This fundraise is not only a win for Indigo, but a major win for market access. We look forward to continuing our collaboration with Indigo to drive farmer success.”
The funding round includes existing investors, led by Flagship Pioneering, and new investors, including the State of Michigan Retirement System, one of the largest pension funds in the U.S. and Lingotto Investment Management, a $3 billion innovation-focused fund owned by Exor N.V., one of Europe’s largest diversified holding companies.
“In this difficult and obsessively short-term financial environment, it is vital to back innovative companies that are critical to meeting the challenges of the future of the Earth,” said James Anderson, Managing Partner and Chief Investment Officer –Innovation at Lingotto. “We believe that Indigo Ag has endured demanding times but now has a bright future and an important role in mitigating climate damage. Therefore, Lingotto Innovation is proud to support the company.”
Indigo has entered a period of acceleration across its integrated business platform:
- Net revenues for 2022 grew 40% year-over-year and revenues for the first seven months of 2023 grew 90% compared to 2022.
- Through its digital sustainability products, Indigo has had success working with multibillion dollar companies to reduce their Scope 3 emissions through its Market+ Source program and is on track to deliver 30 million bushels of sustainably grown grains in 2023.
- The company has also produced an industry-leading 133,000 registry issued, agricultural carbon credits of the highest quality and scientific rigor. Indigo is already working on its unprecedented third carbon crop and enrollment figures for its fourth carbon harvest show continued growth in both farmer and acreage participation.
- Indigo will continue the expansion of its digital products – Market+ Source sustainable crop program – and has a biological product pipeline of 38 new biological products scheduled to launch globally over the next 30 months.
“This important fundraise signals Indigo Ag’s successful transition from a startup to a trusted partner that is delivering critical sustainability solutions,” said Ron Hovsepian, President and CEO of Indigo Ag. “We have the science, business momentum and sufficient resources to continue to deliver on our promises to our partners and customers. We are well positioned for growth and profitability as we work with the agricultural value chain to turn sustainability into real value.”
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