Key Takeaways
- • Halter, a New Zealand agtech start-up, reached a US$2 billion (about A$2.9 billion) valuation after closing a US$315 million capital raise led by Peter Thiel's Founders Fund, according to the Australian Financial Review.
- • The round also included participation from Mary Meeker's Bond Capital and Australia's largest venture capital firm, Blackbird Ventures.
- • Halter's solar-powered smart collars now control cattle movement on more than 2,000 farms across Australia, New Zealand and the United States, removing the need for physical fencing.
- • Founders Fund previously backed Halter at its first raise of about US$8 million in 2018, making this round a follow-on investment in the company.
Summary
Halter, a New Zealand-based agriculture technology start-up, has reached a valuation of US$2 billion, roughly A$2.9 billion, after closing a US$315 million capital raise, according to the Australian Financial Review. The round was led by Founders Fund, the venture capital firm of PayPal co-founder and tech investor Peter Thiel, which is also a major shareholder in Palantir Technologies. Mary Meeker's Bond Capital and Blackbird Ventures, described as Australia's largest venture capital firm, also participated.
The company's core product is a solar-powered collar that lets farmers manage livestock without conventional fencing. Halter says more than 2,000 farms in Australia, New Zealand and the United States use the system to control cattle movement. Coverage from other outlets describes the business as an AI-powered livestock management platform, combining collar hardware with software. Some commentary has noted that the valuation appears high if Halter is viewed purely as a hardware business, but that it becomes more understandable when investors are underwriting the software and data layer.
Founders Fund first backed Halter in 2018 with a raise of about US$8 million, according to reporting from other publications, so the latest round represents a significant follow-on commitment. Reports earlier in the process, citing Bloomberg, indicated Founders Fund was leading a fundraise that would more than double the company's valuation. The valuation mark and round size are consistent across the reporting reviewed.
The company's core product is a solar-powered collar that lets farmers manage livestock without conventional fencing. Halter says more than 2,000 farms in Australia, New Zealand and the United States use the system to control cattle movement. Coverage from other outlets describes the business as an AI-powered livestock management platform, combining collar hardware with software. Some commentary has noted that the valuation appears high if Halter is viewed purely as a hardware business, but that it becomes more understandable when investors are underwriting the software and data layer.
Founders Fund first backed Halter in 2018 with a raise of about US$8 million, according to reporting from other publications, so the latest round represents a significant follow-on commitment. Reports earlier in the process, citing Bloomberg, indicated Founders Fund was leading a fundraise that would more than double the company's valuation. The valuation mark and round size are consistent across the reporting reviewed.
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