AcreTrader, the online farmland investment company based in Arkansas, has expanded its $40 million Series B funding to over $60 million following an investment from Ohio-based venture capital firm Drive Capital. The funding round follows AcreTrader’s oversubscribed Series B round announced earlier this year to fund the company’s continued growth.
Over the past year, AcreTrader’s revenues have grown over 5x, its customer base has tripled and the amount of land going live on its platform has more than doubled. AcreTrader also announced the launch of the company’s land brokerage platform AcrePro, which makes it easier for agents, buyers and sellers to assess, sell and purchase land, and will soon launch a first-of-its-kind geospatial analytics platform.
“We are thrilled to be supporting AcreTrader in their journey towards creating a more robust, efficient and accessible land investing marketplace that enables more independent farmers to grow their businesses,” said TJ Dembinski, partner at Drive Capital. “It’s been impressive to witness what their team has been able to accomplish thus far and we believe technical prowess combined with a deep network of farmers positions AcreTrader to be the leader in this rapidly-growing marketplace.”
AcreTrader plans to use the capital raised through its two recent funding rounds to finalize a land mapping and analytics platform that provides farmers, landowners and investors with unparalleled insights and information on the value of land.
“We are so happy with our team and all of their accomplishments, and we look forward to using this funding and momentum to further expand our technology and talent,” said Carter Malloy, founder and CEO of AcreTrader. “We are excited to continue providing differentiated data, technology, and expertise for land sellers, buyers, and investors as we focus on creating great outcomes for these important partners.”
Launched in 2018, AcreTrader utilizes proprietary technology to facilitate the buying and selling of land through a streamlined customer experience. Farmland is one of the largest U.S. real estate sectors, exceeding $3 trillion in value, but historically has been very difficult to access for investors.
Drive Capital is a Columbus-based venture capital firm that invests in the next generation of market-defining companies. The firm started in 2013 and raised over $1 billion to invest in startups solving problems in large markets. Drive is an investor in more than 50 companies outside of Silicon Valley, including Root Insurance, Duolingo, Greenlight, Olive, and Branch.