March 16, 2021

MonarchTractor400x275Monarch Tractor, which develops a fully electric, driver-optional, smart tractor, has announced closing a $20 million Series A funding round. The round includes investors from global industrial equipment manufacturers, automotive suppliers, venture capital firms, and impact capital companies. 

The investment round was led by Musashi Seimitsu Industry Co., a Japan-based global auto parts company; CNH Industrial, a leader in agricultural and on- and off-road industrial equipment; and VST Tillers Tractors Ltd., an India-based tractor and implement company. At One Ventures and MUUS, a sustainability-focused private capital group, also participated in the round.

“The food ecosystem is ready for transformation with farmers demanding sustainable tools that can increase efficiency and farm profitability,” said Praveen Penmetsa, CEO of Monarch Tractor. “The strategic investments by global leaders like CNH Industrial validate the Monarch Tractor platform’s broad application globally and beyond farm products. We are excited to have a group of investors who share a commitment to supporting the sustainable development of agriculture and positive global impact on farm economics and sustainability.”

“Monarch is pioneering tractor technology that incorporates electrification, autonomous use, and data management. These are three of the key pillars supporting sustainability, productivity, and profitability, both for CNH Industrial and for our farming customers,” said Scott Wine, CEO, CNH Industrial. “We are incredibly excited to work with Monarch to develop and deploy their groundbreaking technology ecosystem, which we believe has applicability across our entire Off-Road business.”

Since launching in December 2020, the company said it has seen increased global demand. It has also won many awards, including the 2021 BIG Innovation Award, the “2020 Tractor of the Year” in the AgTech Breakthrough Awards, and was recognized by Fast Company in its “Best World-Changing Ideas: North America, Energy and Food” article.

More details on the company are available at the Monarch Tractor website.

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