LIVERMORE, CA. – March 16, 2021 – Monarch Tractor, the world’s first all-electric tractor with smart driver, announced the closing of a $20 million Series A financing round. The round includes global industrial equipment suppliers, automotive suppliers, venture capital and impact capital. The new investors will support Monarch Tractor’s rapid growth as it launches globally.
The investment round has attracted global interest, led by Japan-based Musashi Seimitsu Industry Co, Ltd, CNH Industrial, one of the world’s largest manufacturers of off-road agricultural and industrial machinery, and VST Tillers Tractors Ltd. At One Ventures, a Silicon Valley-based venture capital fund, and MUUS, a private equity group focused on sustainability, also participated in the round.
The food industry ecosystem is in flux and farmers need sustainable tools that can improve the efficiency and profitability of their operations. So we have seen an incredible and growing demand for our Monarch tractor, said Pravin Penmetsa, CEO of Monarch Tractor. Strategic investments by world leaders such as CNH Industrial confirm the widespread use of the Monarch tractor platform around the world and beyond agricultural products. We are delighted to have a group of investors who, like us, want to support sustainable agriculture and make a positive global impact on agribusiness and sustainability.
Monarch is a pioneer in tractor technology that includes electrification, autonomous operation and data management. These are three key pillars that support sustainability, productivity and profitability for both CNH Industrial and our agricultural customers, said Scott Wine, CEO of CNH Industrial. We are very excited about working with Monarch to develop and implement their revolutionary technology ecosystem, which we believe can be applied to our entire off-road business.
The award-winning Monarch tractor has been in demand around the world since its launch in December 2020. The company has received numerous awards, including the BIG 2021 Innovation Award, the 2020 Tractor of the Year at the AgTech Breakthrough Awards, was named one of the Top 10 New Products at the World Ag Expo, and was recognized in Fast Company’s Best Ideas to Change the World: North America, energy and food.
It’s an exciting time for agtech, with a strong combination of traditional agriculture and advanced technology, says Dennis Muilenburg, investor and advisor at Monarch Tractor. Monarch Tractor is leading an ambitious effort to make farming smarter, greener and safer than ever. With the support of the investment community, Monarch Tractor can fulfill its mission to support today’s farmers and enable the transition to more productive, accurate and sustainable agricultural practices.
About the Monarch tractor:
Monarch Tractor is committed to bringing 21st century technology to the market. The aim is to use the opportunities of the 21st century to enable farmers to adopt sustainable and environmentally friendly practices in a cost-effective way. The Monarch tractor, the world’s first fully electric smart tractor, improves the farmer’s job by reducing labour shortages and maximising yields. Monarch is committed to improving agricultural practices to provide environmentally friendly, efficient and profitable solutions for today’s farmers and for future generations. With advanced technology, global reach and an experienced team, Monarch is driving significant change in the future of agriculture. For more information, see www.monarchtractor.com.
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