Indigo Ag Powers Green Agriculture with $250M Boost
Indigo Ag, the leading sustainability ally for the agricultural sector, has made a significant announcement, revealing that it has secured an impressive sum of over $250 million.
This substantial influx of funds will be channelled towards accelerating innovation and fostering growth within its sustainable agriculture initiatives. The primary aim is to enhance the company's ability to cater to its valued customers and partners effectively.
This triumphant investment round serves as a resounding validation of Indigo's strategic vision and underscores the market's confidence in its distinctive capacity to drive success for farmers and agribusinesses on a grand scale.
Jed Miller, Chief Strategy Officer for Ag Partners Coop, remarked, "Farmers and agribusinesses require steadfast and forward-thinking partners who can generate real value. This fundraising achievement is not only a victory for Indigo but also a significant triumph for expanding market access. We eagerly anticipate our ongoing collaboration with Indigo in our shared mission to bolster farmer prosperity."
The funding round boasts participation from existing investors, spearheaded by Flagship Pioneering, alongside new investors, such as the State of Michigan Retirement System—a colossal pension fund in the United States—and Lingotto Investment Management—a forward-looking $3 billion fund owned by Exor N.V., one of Europe's largest diversified holding companies.
James Anderson, Managing Partner and Chief Investment Officer for Innovation at Lingotto, emphasised the importance of supporting innovative companies that play a pivotal role in addressing the pressing challenges of our planet's future.
He expressed, "In today's financially turbulent and short-term-focused climate, it is imperative to stand behind visionary companies dedicated to shaping a sustainable future. We firmly believe that Indigo Ag, having weathered challenging times, now possesses a bright and significant future in the mission to mitigate climate impact. Hence, Lingotto Innovation is proud to endorse and support the company."
Indigo is currently in the midst of an exhilarating phase of growth across its integrated business platform:
Notably, the company's net revenues witnessed an impressive 40% year-over-year growth in 2022, and the first seven months of 2023 have seen a remarkable surge of 90% compared to the previous year.
Through its digital sustainability solutions, Indigo has achieved considerable success in collaboration with multibillion-dollar corporations, helping them reduce their Scope 3 emissions via the Market+ Source programme. Furthermore, it is on track to deliver an impressive 30 million bushels of sustainably grown grains in 2023.
Indigo has garnered acclaim by producing a staggering 133,000 registry-issued agricultural carbon credits, distinguished by their exceptional quality and rigorous scientific standards. The company is already hard at work on its unprecedented third carbon crop, and enrollment figures for its fourth carbon harvest continue to show promising growth in both farmer participation and acreage.
Indigo's commitment to expansion remains unwavering, with a robust digital product pipeline and plans to launch 38 new biological products globally over the next 30 months under the Market+ Source sustainable crop programme.
Ron Hovsepian, President and CEO of Indigo Ag, highlighted the significance of this pivotal fundraising round, marking the company's transformation from a startup to a trusted partner delivering indispensable sustainability solutions.
Hovsepian affirmed, "We possess the scientific acumen, the momentum, and the necessary resources to uphold our commitments to our partners and customers. Our trajectory is one of growth and profitability as we collaborate with the agricultural value chain to transform sustainability into tangible value."
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Source: Indigo Ag