Raised a 2023 down round at a ~$200M valuation β a 94% cut from its $3.5B peak.
The rise & fall
6 moments Β· 2018β2023
The key moments, with employee sentiment along the way.
2018
π¦
2018
Joins the unicorn club
A blockbuster round makes the microbial seed-coating company one of agtech's most richly valued startups.
AgFunderNews
2021
π
2021
The peak: ~$3.5B$3.5B
Seed coatings, a grain marketplace and carbon credits β a plan to remake farming, valued as if it already had.
PitchBook
2022
2022
Big revenue, bigger problem
Sales reach roughly $1B in 2022, but the business burns cash and the $3.5B price tag proves unsustainable.
Calcalist
2020β23
π¬
From the inside Β· Glassdoor reviews, 2020β23
Glassdoor reviews from the retrenchment years counted repeated layoff rounds β several employees tallied four or five in under three years, plus furloughs β amid constant strategy pivots and shuttered product lines, with some cuts landing just after fresh funding arrived.
2023
π
2023
The 94% down round β out of the club$200M
Mid-2023 financing values Indigo at ~$200M, down from $3.5B β one of agtech's starkest markdowns.
AgFunderNews
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Indigo Ag was one of the most richly valued agricultural-technology startups, using microbial seed coatings, a grain marketplace and a carbon-credit program to make farming more sustainable, reaching a peak valuation of about $3.5B between 2018 and 2021.
Revenue grew to roughly $1B by 2022, but the business burned cash and its valuation proved unsustainable; in mid-2023 Indigo raised a down round at just ~$200M β a 94% collapse, one of agtech's starkest markdowns.
Source: Calcalist / AgFunderNews / PitchBook (~$3.5B peak valuation 2018-2021; mid-2023 down round at ~$200M, a 94% drop; revenue ~$1B in 2022)
Founder
DP
David Perry
Founder-CEO (2014-Sept 2020, built it to $3.5B peak)
Now Chief Executive Officer at Nicoya Peninsula Reforestation Project Β· LinkedIn β
Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.
