Monarch Tractor, creator of the MK-V electric tractor, has raised $133 million in a Series C funding round co-led by Astanor and HH-CTBC Partnership, with additional support from At One Ventures, PMV and The Welvaartsfonds.
Monarch will use the new funds to further develop its AI product offering and expand its operational footprint domestically and globally, while enabling its path to profitability.
To date, Monarch has raised over $220 million, and has expanded into various agricultural markets such as vineyards, dairy, berries, orchards and land management across 12 states and 3 countries.
In 2022, Monarch released a fully electric, driver-optional smart tractor, the MK-V. Since then, customers have deployed over 400 MK-V tractors.
“Agriculture has arrived as the next frontier for the energy transition and sustainability movement,” said Praveen Penmetsa, CEO and co-founder of Monarch Tractor. “Monarch’s introduction of a smart electric platform will deliver robust social, economic, and environmental returns to farmers.”
Source: Monarch Tractor
