Indigo Ag

AgtechUSA

New to Unitard

✂️ Markdown

Peak $3.5 BillionToday

~-94%

from peak

🦄
Became a unicorn
2018
📈
Peak valuation
$3.5 Billion ’21
💔
Became a Unitard
2023
💸
Last valuation
~$210M

Current status

Raised a 2023 down round at a ~$200M valuation — a 94% cut from its $3.5B peak.

The rise & fall

6 moments · 2018–2023

The key moments, with employee sentiment along the way.

2018

Joins the unicorn club

A blockbuster round makes the microbial seed-coating company one of agtech's most richly valued startups.

AgFunderNews

2021

The peak: ~$3.5B$3.5B

Seed coatings, a grain marketplace and carbon credits — a plan to remake farming, valued as if it already had.

PitchBook

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

2020–23

From the inside · Glassdoor reviews, 2020–23

Glassdoor reviews from the retrenchment years counted repeated layoff rounds — several employees tallied four or five in under three years, plus furloughs — amid constant strategy pivots and shuttered product lines, with some cuts landing just after fresh funding arrived.

2023

The 94% down round — out of the club$200M

Mid-2023 financing values Indigo at ~$200M, down from $3.5B — one of agtech's starkest markdowns.

AgFunderNews

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; 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 — 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

David Perry
Founder-CEO (2014-Sept 2020, built it to $3.5B peak)
Now Chief Executive Officer at Nicoya Peninsula Reforestation ProjectLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (16)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard