Fayetteville brokerage AcreTrader, the online farmland investing platform, said Tuesday (March 15) it had expanded its $40 million Series B funding round to $60 million following an investment from Columbus, Ohio-based venture capital firm Drive Capital.
According to a news release, the funding round follows AcreTrader’s oversubscribed Series B round announced earlier this year. The company’s revenues have grown fivefold over the past year, 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. The company plans to launch a first-of-its-kind geospatial analytics platform later this year.
“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,” TJ Dembinski, a partner at Drive Capital, said in the release. “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.
The funding will also enable the company to continue to scale its workforce. In the past two years, AcreTrader’s employee headcount has grown ten times. Most recently, the company added Elizabeth Slape, chief marketing officer, and Morgan Scholz, vice president of human resources.
“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,” founder and CEO Carter Malloy said. “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.”
AcreTrader utilizes proprietary technology to facilitate the buying and selling of land, one of the largest U.S. real estate sectors, exceeding $3 trillion in value.
AcreTrader now has approximately 75 employees, up from approximately 15 in January 2021.