Investment Notes: Halter Series D

We’re excited to share our investment in Halter’s US$100M Series D. The round was led by San Francisco-based Bond and included participation from NewView, a new addition to the cap table.

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Scaling into category leadership

As a reminder, Halter runs more productive and sustainable farms using a collar and an app. Halter’s product inspires deep customer love. Almost all farmers use it daily, and the brand has achieved near cult-like status on-farm, from customised numberplates to passionate word-of-mouth referrals. It's not uncommon to hear farmers say they’d “give up farming” if Halter were taken away.

In NZ, adoption is now mainstream (1 in 10 farms use Halter), and in Australia, recent regulatory shifts in NSW, Victoria and South Australia are unlocking the path to broader national rollout. In the US, Halter is off to a strong start and this round will accelerate Halter’s continued commercial ramp in newly expanded geographies. 

It’s nice to be the best in a category. It’s better to be the category. There simply is no real competition in any of the regions it operates, with nearest alternatives orders of magnitude behind Halter in both scale and product maturity. In the emerging market of virtual fencing, Halter now operates at a scale and level of sophistication that firmly establishes it as the category leader, with a data flywheel that will be hard to unseat.

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A clear path to scale and value creation

Since our last investment, Halter has significantly accelerated its execution across NZ, Australia, and the US. The company has seen strong year-on-year growth in recurring revenue and sales is accelerating at a rapid pace. Core customer metrics remain best-in-class: NPS is high, churn remains exceptionally low and gross margins are expanding.

The sales team has rapidly scaled, with team productivity surging under new GTM leadership, following the appointments of Andrew Fraser as President and Andrea Quinn as VP of GTM Ops.

Halter delivers not just commercial results, but meaningful environmental and social impact - helping farmers operate more efficiently, sustainably, and profitably. With accelerating growth, a deeply loved product, global market opportunity, and outstanding execution, Halter is well on its way to becoming a generational company.

We’re excited to deepen our relationship with Halter, and congratulate Craig and the team on this latest milestone. Onward!