November 17, 2021
Monarch Tractor, which is developing a fully electric, driver-optional tractor, has announced raising $61 million in Series B funding, led by Astanor Ventures. The company said it will use the new funding to scale its sales, service, and manufacturing footprint, expand its product offerings, and launch international pilot test programs for regional market validation. Additional investors include CNH Industrial, At One Ventures and Trimble Ventures.
“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.
The company said this demand has allowed the company to scale production and expand its manufacturing space. Monarch said it plans to expand globally into South America, Europe and Asia for its 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 14x 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.”
“We are focused on investing in companies that are solving important problems in markets that align with Trimble’s mission of transforming the way the world works,” added Phil Sawarynski, managing director and co-head of Trimble Ventures. “Monarch Tractor is a technology pioneer, offering an electric autonomous smart tractor platform that empowers sustainable farming, increases efficiency and maximizes profitability for farmers.”
More details on the Monarch Tractor platform can be found here.