The Minnesota Agtech Cheat Sheet v2 was published last week and here are five takeaways from the research:
1) The pure-play Minnesota Agtech market leaders in terms of staff size (not counting Land O’ Lakes various divisions) are:
- Conservis – 65 people ($63m funding)
- Sentera – 40 people ($30m funding)
- Local Crate – 27 people ($1.4m funding)
2) It’s predominantly a post-revenue cluster; only 2 firms are pre-revenue, notably Traive (which was pulled here via Techstars Farm to Fork Accelerator) & Rowbot Systems, which was formed in 2012 though has yet to sell any nitrogen dispensing field robots.
3) It’s a very geographically disbursed group; many companies are, for farming reasons, based outside the MSP metro, including: Willmar, North Oaks, Winnebago, St. Michael.
4) Piggybacking off #3, we see that this space is also quite hardware heavy:
5) There’s over $100m of combined investment planted throughout Minnesota’s Agtech Cluster.
Bonus: By comparing v1 published in May 2018 to this v2, we can spot change; while most MN Agtech companies are about the same, Sentera is the biggest standout, growing staff from 30-40, by 33% during the period. Closing on $14m in September surely boosted that.