Fayetteville land brokerage AcreTrader, the online farmland investing platform that’s raised nearly $80 million in outside capital since 2018, announced Tuesday (Aug. 23) the acquisition of AgValuation, a collateral evaluation tool for financial institutions.
Financial terms were not disclosed.
In a news release, the company said the deal bolsters its efforts “to make buying and selling land common, transparent and easy.”
AgValuation is a web-based tool that provides clients with precise and timely valuations for low-risk transactions where an appraisal is unnecessary. Farm Credit associations, community banks and private equity companies use the tool.
AgValuation was founded in 2018 by Curtis Bearden of AgValue Consulting, Jodi Pries and Richard Gilmore of AgVisory. Angel Evans of AgLife Marketing joined as a partner in 2019.
According to the release, Pries and Evans have joined AcreTrader to oversee the transition.
“We’re excited to partner with AgValuation as we believe their impressive technology and skill sets help further our mission of bringing transparency to the land market throughout the United States,” Carter Malloy, founder and CEO of AcreTrader, said in a statement. “Angel and Jodi are an outstanding team and incredibly additive to our culture and what we’re building. This acquisition brings expertise and advanced technology to AcreTrader, helping us to further establish a foothold in the land valuation market.”
AcreTrader has 130 employees, up from approximately 15 in January 2021. Earlier this year, the company expanded its $40 million Series B funding round to $60 million following an investment from Columbus, Ohio-based venture capital firm Drive Capital.
AcreTrader utilizes proprietary technology to facilitate buying and selling land, one of the largest U.S. real estate sectors, exceeding $3 trillion in value.
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.
Malloy, an Arkansas native and University of Arkansas graduate with a degree in physics, is the founder.