US-based crop sustainability product supplier Indigo has received about $300m in series F funding from investors including logistics services firm FedEx, at a $3.5bn post-money valuation, Axios reported today.
FedEx took part in the round’s $200m first close in January this year, contributing to the $175m equity portion along with Flagship Pioneering and Alaska Permanent Fund. The latter two joined Riverstone Holdings in the second tranche of the round, which reportedly has a $500m target.
Formerly known as Symbiota, Indigo offers agronomic tools and services for farmers including aerial imagery, crop health data and microbial products that improve crop yields. It also maintains an online marketplace for grain trading.
The marketplace was launched in September 2018 alongside the completion of a $250m series E round featuring Indigo’s founding investor, Flagship Pioneering, as well as Alaska Permanent Fund, Baillie Gifford and Investment Corporation of Dubai.
Investment Corporation of Dubai had invested $47m to help Indigo close its series D round at $203m in 2017, the first $156m having come from Alaska Permanent Fund, Flagship Pioneering, Baillie Gifford and Activant Capital at a $1.4bn valuation.
The company had raised $100m in series C funding from Flagship Pioneering’s Flagship Ventures fund and Alaska Permanent Fund in 2016, following $56m from Flagship Ventures earlier the same year.
