A New Zealand agtech scaleup Halter has hit unicorn status with a A$1.55 billion (US$1bn) valuation following a $155 million in a Series D.
The round was led by US investor Mary Meeker’s Bond, with support from NewView Capital, and existing investors including Bessemer Venture Partners, DCVC, Blackbird, NZ’s Icehouse Ventures, and Promus Ventures.
Bond’s investment portfolio features the biggest names in tech, including Airbnb, Canva, Docusign, DoorDash, Facebook, Spotify, Square, Stripe, and Uber.
Halter’s VC investments include a A$79.5m (NZ$85m) Series C in 2023 and A$29m (NZ$32m) in a Series B in 2021.
Mechanical engineer Craig Piggott launched Halter in 2016, aged 22, with the support of his former boss, Peter Beck, at Rocket Lab.
Since its last round, the Auckland agtech has expanded into the US and Australia, and now employs more than 200 people across three countries.
Piggott is hoping to expand into Victoria, NSW and South Australia when regulations are updated to permit the virtual fencing of cattle.
Beef and dairy farmers in Queensland and Tasmania with around a quarter 25% of the Apple Isle’s dairy herd managed with Halter.
The virtual fencing and animal management system uses a GPS-enabled solar collar that “guides” cows around pastures using sound and vibrations. An app lets farmers manage their cattle and pasture from their phone.
The Halter app
The subscription collar gives farmers the ability to keep livestock away from waterways and other sensitive environments, alongside being able to monitor herds around the clock and let farmers shift their herd remotely . The company has registered the term “cowgorithm”.
It also acts like a Fitbit for livestock, gathering multiple data points for insights into the health of an animal, and detect changes in behaviour to alert farmers about any health issues.
“Farmers use Halter to grow and harvest more grass, reduce workload, increase herd size, improve animal health and welfare, and unlock environmental benefits,” Piggott said.
“This capital will help thousands more farmers increase productivity and deepen their enjoyment of farming, in turn driving growth in the Australian economy. We’re investing in expanding throughout Australia, NZ and the US, and in exciting product innovations.”
Bond general partner Daegwon Chae said farmers are often constrained by offline bottlenecks such as labour, time, and limited automation.
:Halter’s vision is ambitious and impactful, to build the digital operating system for farms and ranches globally, leveraging the cutting-edge of physically-enabled technology,” he said.
The technology is leased under a per-cow subscription model based on farmers’ required features, while Halter retains ownership and maintenance of the collars.
