Agtech start-up Halter becomes New Zealand’s newest unicorn

Bengaluru — Agtech start-up Halter has raised $100m at a $1bn valuation, making it one of New Zealand’s rare unicorns as it ramps up US expansion of its cattle management platform for dairy farmers.

The Series D funding was led by tech investment firm Bond and was joined by venture capital firm NewView along with existing backers Bessemer Venture Partners, DCVC, Blackbird, Icehouse Ventures and Promus Ventures, Halter said on Monday.

The dairy sector has emerged as a bright spot this year in an otherwise dour funding environment for agriculture tech start-ups as farmers rely more on automation to improve productivity.

Auckland-based Halter is tapping into that demand with its system of smart collars, connectivity towers and a mobile app that lets ranchers virtually fence, move and monitor their cattle using sound and vibration cues — promising better grazing efficiency and lower environmental impact.

Halter said it plans to use the new funds to expand in the US, where the company has been working with about 150 ranchers in 18 states.

“Over half of US ranchers and farmers are over 55, and rural labour shortages are severe,” CEO and founder Craig Piggott said. “Halter enables smaller teams to manage herds more efficiently, without constant physical presence.”

The US farm industry has faced staffing crunches in recent months due to mass deportations ordered by the Trump administration, with industry groups warning about the impact on an industry that has long depended on immigrants.

Reuters