AgriTech
AgriTech covers the technology stack supporting agricultural production - precision-ag machinery and software, biological inputs (seeds, biologicals, microbiome), indoor and controlled-environment farming, and farm management software. The customer base spans large industrial farms, OEM agricultural equipment manufacturers, agrochemical companies, food and beverage CPG and a growing list of food retailers. The vertical-farming wave that absorbed over $5B of venture capital between 2018 and 2022 has largely deflated - Bowery Farming, AeroFarms, AppHarvest and Plenty all restructured, shut down or went through Chapter 11 between 2023 and 2024 - but precision agriculture, biologicals and digital farm management have grown steadily.
The sector spans precision agriculture and ag-tech machinery, agricultural biologicals and microbiome, indoor and controlled-environment farming, farm management software, animal protein alternatives, and agricultural marketplaces.
Revenue comes from equipment sales of ag machinery and sensors, recurring software subscriptions for farm management and agronomy, biological input sales priced per acre or per ton, indoor-farm wholesale produce sales, and royalties on engineered seed and microbiome products.
AgriTech is part of Industrial technology.
$25B
Global market size
55
Public companies
Key VC investors
Key strategic buyers
How AgriTech companies monetize?
Agritech companies monetize through equipment sales, farm management SaaS subscriptions and biological input royalties.
Equipment sales
Capital sales of tractors, combines, planters and precision-ag sensors. The anchor line for John Deere, AGCO and CNH; multi-year cycle tied to farm income.
Farm management SaaS
Per-acre or per-farm subscriptions to digital agronomy and operations platforms. John Deere Operations Center, Climate FieldView and Trimble Ag are the reference names.
Biological & input royalties
Per-ton or per-acre royalties on biological inputs (Pivot Bio nitrogen-fixing microbes, Indigo seed coatings). Multi-year contracts; revenue scales with adoption.
Wholesale produce sales
Indoor-farm operators selling fresh greens, berries and herbs to retailers and food service. Volume revenue but margins under structural pressure; unit economics broke at several major players.
Carbon credit revenue
Revenue from regenerative-ag practices certified as carbon credits and sold to corporate buyers. Indigo Carbon, Nori and Yard Stick run this line; still small but growing.
Marketplace fees
Take rates on commodity and input marketplaces (FBN, ProducePay) and on-line auctioning of livestock and crops. Volume-driven and sensitive to farm income.
AgriTech valuations in May 2026
Public AgriTech comps trade at 2.8x EV/Revenue. Median revenue multiple across AgriTech M&A deals was 1.3x in the last 12 months. Median revenue multiple across AgriTech VC rounds was 19x in the last 12 months.
2.8x
Median EV/Revenue as of May 2026 for public AgriTech companies
1.5x
Bayer is the highest valued public AgriTech company based on EV/Revenue (excluding outliers)
1.3x
Median EV/Revenue across AgriTech M&A deals in the last 12 months
19x
Median EV/Revenue across AgriTech VC rounds in the last 12 months
AgriTech market segments
Agritech spans precision agriculture machinery, agricultural biologicals, and indoor and controlled-environment farming.
Precision agriculture machinery
Tractors, combines, planters and self-driving machinery with embedded GPS, ISOBUS and sensor stacks. Software-defined ag equipment is the main growth narrative for the OEMs. John Deere (NYSE: DE), AGCO (NYSE: AGCO), CNH Industrial (NYSE: CNH) and Kubota lead.
Farm management & agronomy software
Cloud platforms managing field operations, agronomy decisions, inputs and yield data. John Deere Operations Center, Climate FieldView (Bayer), Trimble Ag and Granular (Corteva) lead.
Agricultural biologicals & microbiome
Microbiome-based seed coatings, nitrogen-fixing microbes, biocontrols and biostimulants displacing synthetic inputs. Pivot Bio (raised $430M Series D in 2021), Indigo Ag, Marrone (now Pro Farm) and Andermatt lead.
Indoor & controlled-environment farming
Vertical farms, greenhouses and container farms growing leafy greens, berries and herbs near urban markets. Plenty (Chapter 11 in 2025), AeroFarms (Chapter 11 in 2023, emerged 2024), Bowery (shut down November 2024), AppHarvest (Chapter 11 in 2023), Infarm (restructured 2023) and Little Leaf Farms remain in the category.
Animal protein alternatives
Plant-based, fermentation-derived and cultivated meat and dairy alternatives. Beyond Meat (NASDAQ: BYND), Impossible Foods, Perfect Day, Upside Foods and GOOD Meat. Public-market valuations have collapsed; the cultivated-meat cohort remains years from commercial scale.
Agricultural marketplaces
Digital platforms for commodity trading, inputs and farmer-direct sales. Farmers Business Network (FBN), Indigo Marketplace, ProducePay and Bushel are the reference names.
Fractional CFO, financial modelling and deal advice for AgriTech companies
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Fractional CFO
For founders who want to improve their FP&A functions, build an investor-ready financial model, and prepare for the next VC round.
Capital raising
For bootstrapped and already-VC-backed entrepreneurs who are looking to raise late stage venture or growth capital.
M&A
For category-leading technology companies who are exploring exit alternatives with either financial or strategic acquirers.
Key AgriTech KPIs to track
Revenue growth, gross margin, ARR and acres under management are the metrics investors track in agritech.
| KPI | Definition |
|---|---|
| Revenue growth | Year-on-year revenue change. Tightly correlated with farm income cycles for the OEM and inputs side; uncorrelated for indoor farming and biologicals. |
| Gross margin | Separates software-led players (60-75%) from inputs (35-45%), machinery (25-30%) and indoor-farm operators (often negative). The single most-watched metric in the category. |
| ARR | Annual recurring revenue from software subscriptions. The cleanest metric for the digital agronomy and farm management cohort. |
| Acres under management | Acres on the platform or treated with the product. The volume metric used by Climate FieldView, Pivot Bio and FBN. |
| Adoption / penetration | Share of addressable farms or acres using the product. Indigo and Pivot Bio publish this to flag growth runway. |
| Yield per square foot | Productivity metric for indoor and controlled-environment growers. The denominator under all indoor-farm unit economics. |
| Equipment shipments | Units shipped by ag OEMs. Reads tractor and combine demand for John Deere, CNH and AGCO. |
| Net revenue retention | Existing-customer revenue 12 months later. Reads software stickiness in agronomy and farm management. |
Main AgriTech players globally
The most active agritech companies and category leaders globally.
| Company | HQ | Overview |
|---|---|---|
John Deere deere.com |  Moline | Listed on NYSE as DE. World's largest agricultural equipment company with ~$50B in revenue and the dominant precision-agriculture software platform (Operations Center). Acquired Bear Flag Robotics and Blue River Technology for autonomy. |
AGCO agcocorp.com | Duluth | Listed on NYSE as AGCO. Owns Fendt, Massey Ferguson, Valtra and the recently acquired PTx Trimble JV (formed 2024 to consolidate Trimble's precision-ag and AGCO's portfolio). Around $14B FY24 revenue. |
CNH Industrial cnhindustrial.com |  London | Listed on NYSE as CNH. Owns Case IH and New Holland brands; spun out Iveco Group in 2022. Acquired Raven Industries in 2021 for precision-ag and autonomy capability. |
Climate Corporation (Bayer) climate.com | St. Louis | Digital farming platform inside Bayer Crop Science. Climate FieldView covers tens of millions of acres globally. Originally bought by Monsanto for $930M in 2013. |
Pivot Bio pivotbio.com | Berkeley | Nitrogen-fixing biological inputs replacing synthetic fertiliser. Last raised $430M Series D in 2021 at $2B valuation. Strong adoption in US corn through 2024-25. |
Indigo Ag indigoag.com | Boston | Microbiome-based seed coatings, marketplace and carbon credit issuance. Has raised over $1.2B cumulatively; carried out staff cuts in 2022-23 as it pivoted toward profitability. |
Plenty plenty.ag | South San Francisco | Vertical farming company backed by SoftBank, Driscoll's and Walmart. Filed Chapter 11 in March 2025; emerged with a narrower facility footprint focused on strawberries with Driscoll's. |
AeroFarms aerofarms.com | Newark | Aeroponic vertical farming company. Filed Chapter 11 in 2023 after its SPAC collapsed; emerged from bankruptcy in 2024 under new private ownership focused on its Danville VA facility. |
Bowery Farming boweryfarming.com | New York | Vertical farming company. Last valued at $2.3B in 2021 with backing from GV, Fidelity and Temasek. Shut down operations in November 2024 after a final bridge round failed to extend runway. |
Inari Agriculture inari.com | Cambridge | Seed-design company using gene editing and predictive design to increase corn and soybean yields. Last valued at $1.7B in 2022; raised $103M extension in 2024. |
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Key AgriTech market trends
The vertical-farming reset, the AGCO-Trimble precision-ag JV and biological inputs scale-up are reshaping agritech right now.
Vertical-farming reset
Bowery Farming shut down in November 2024; Plenty filed Chapter 11 in March 2025; AeroFarms emerged from bankruptcy in 2024 with a single-facility footprint; AppHarvest liquidated in 2023; Infarm restructured to a profitable kit-based business. The category absorbed over $5B of capital and only narrow strawberry and leafy-green models have survived. Dated March 2025.
AGCO-Trimble precision-ag JV
AGCO acquired 85% of Trimble's agriculture business for $2B in April 2024 to form PTx Trimble, consolidating precision-ag positioning, guidance and mixed-fleet display capability. The deal repositioned AGCO against John Deere's vertically integrated stack. Dated April 2024.
John Deere right-to-repair settlement
John Deere signed an MOU with the American Farm Bureau Federation in January 2023 agreeing to give farmers and independent shops access to diagnostics and repair tools. New right-to-repair legislation in Colorado and New York has set a regulatory floor for ag-machinery software access. Dated April 2024.
Biological inputs scale-up
Pivot Bio crossed 7 million acres treated in 2024; Indigo Carbon credited over 1M tonnes of soil carbon; Sound Agriculture raised $58M Series D in 2024; Bayer launched the Vyconic Soybeans gene-edited variety. Biologicals are taking measurable share of the synthetic input dollar. Dated July 2024.
Farm income downcycle pressuring OEMs
US net farm income fell over 25% in 2024 according to USDA data, hitting John Deere, AGCO and CNH equipment sales hard. Deere laid off over 2,000 production workers in 2024 and pulled FY25 guidance lower. The downcycle is testing the SaaS-attach thesis. Dated October 2024.
Alt-protein public-market collapse
Beyond Meat traded under $5 through 2024-25 versus a $239 peak; Oatly, Tattooed Chef and Maple Leaf's plant arm all restructured; Eat Just laid off staff; the cultivated meat cohort (Upside, GOOD Meat, Mosa) remain years from commercial scale. Capital availability for the category collapsed in 2023-24. Dated September 2024.
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