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Monarch Tractor — which makes fully electric, driver-optional tractors — has secured $61 million in new funding to help further its mission to innovate the agriculture and farming industry, according to a statement from the Livermore-based company.
The Series B funding round was led by Astanor Ventures, a venture capital firm that focuses on businesses in the sustainable food and agriculture sector, with additional individual and independent contributions from CNH Industrial, At One Ventures and Trimble Ventures.
With this most recent round of financing, Monarch Tractor will be scaling its sales, service and manufacturing footprint, expanding its product offerings and launching international pilot test programs for regional market validation, according to the company's statement.
"Fruit and vegetable farmers have long been ignored in the electrification and automation movement and that’s why the Monarch platform is built with them in mind," said Praveen Penmetsa, co-founder and CEO of Monarch Tractor.
"Due to the ever-increasing labor challenges, sustainability concerns and food traceability and scrutiny issues farmers face, we have experienced great demand for the unique solutions Monarch Tractor offers," he added.
The growing interest in Monarch Tractor from farmers and increased support from the investment community has allowed the company to scale production and expand manufacturing space in preparation to meet global demand. Additionally, it provides Monarch with the ability to expand the company’s footprint globally into South America, Europe and Asia for international pilot testing programs.
"Monarch is transforming what is arguably the most important vehicle on the planet: tractors," said Hendrik Van Asbroeck, partner at Astanor Ventures.
"Tractors emit 14 times more than a car and have not seen the same wave of digital innovation as we have seen in the automobile industry. Beyond delivering an affordable, clean and autonomous solution, Monarch's tractors capture detailed on-farm data to enable the sustainable and efficient farms of the future," he added.
