Kiwi cow tech firm Halter raises $165m to hit $1.65b valuation

Cow collar technology company Halter is officially a “unicorn”, having hit a US$1 billion (NZ$1.65b) private valuation as it chases the American beef ranch market and seeks to double its employee count.

The Kiwi company has just raised $165 million in a series D funding round led by Bond, a global technology investment firm which has also backed the likes of Airbnb, Facebook and Spotify.

“Our long-term mission is how are we, the operating system, to lift the productivity of land,” co-founder and chief executive Craig Piggott told Markets with Madison at its office in Colorado.

“It’s got to be one of the biggest and most important problems in the world.

“I think if we can execute on that, well then, yeah, there’s no reason we can’t be one of the biggest companies in the world.”

Started in 2016 while Piggott and his co-founder, Max Olson, were at university, Halter’s solar-powered, smart collars were guiding thousands of cattle by sound and vibration cues, allowing farmers to get rid of fencing on paddocks.

Its software, used by farmers to control the collars and map their land for grazing, was proprietary too.

“Today I’d say it’s almost an operating system. You kind of run your farm through Halter.”

Piggott worked as an engineer at Rocket Lab and quit to build Halter. Rocket Lab’s founder, Sir Peter Beck, was an early investor.

“We definitely needed to try to do the same thing that Pete was doing for space in New Zealand for ag[riculture] in New Zealand.”

Halter’s latest funding round would help fuel its growth in new markets like the United States, as it doubled its headcount to 400 by the end of 2025.

Piggot said the capital would help unlock productivity gains for even more farmers.

“Dairy and beef farming is a powerhouse of New Zealand’s economy, generating over $30b and nearly 30% of total exports each year.

“When our farmers thrive, so does our economy. This capital will help thousands more farmers increase productivity and deepen their enjoyment of farming, in turn driving economic growth.

“We’re investing in exciting product innovations, plus expansion throughout New Zealand, Australia and the US.”

See Halter’s collars up close on cattle at a ranch in Colorado, and hear how Piggot took the company to a US$1b valuation, in today’s episode of Markets with Madison above.

Madison Malone travelled to the United States with support from the NZUS Council Media Fellowship programme. The council is committed to advancing New Zealand’s shared interests with the United States. Find out more about the NZUS council here.

Get investment insights from executives and experts on Markets with Madison every Friday here on the NZ Herald, on YouTube and wherever you get your podcasts.

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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.

Madison Malone (nee Reidy) is host and executive producer of the investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.