AcreTrader, a farmland investment company based in Fayetteville, has raised more than $60 million in its latest round of funding.
The company raised an initial $40 million earlier this year in Series B funding to grow and scale the business. It surpassed that amount with a recent investment from Ohio-based venture capital firm Drive Capital.
There are plans to use the capital to further expand its technology and talent.
Established in 2018, AcreTrader is one of the latest online farmland investment tools to hit the market and has seen rapid growth in the past year.
The company said its revenue has increased more than five-fold, its customer base has tripled and the amount of land available on its platform has more than doubled in the same period. AcreTrader also started a land brokerage platform called AcrePro for agents, buyers and sellers to use.
"It's been impressive to witness what their team has been able to accomplish thus far and we believe technical prowess combined with a deep network of farmers positions AcreTrader to be the leader in this rapidly-growing marketplace," TJ Dembinski, partner at Drive Capital said in a written statement Tuesday.