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- Indigo
Indigo Revenue, Valuation, Funding & Investors
Indigo is valued at $3.5B as of August 2020, a 21.5x multiple on its last reported $163M revenue.
Last Indigo valuation
$3.5B
Series F · Aug 2020
Last Indigo funding round
$50M
Series B · Jan 2026
Indigo revenue
$163M
Series F · Aug 2020
Key investors in Indigo
Flagship Pioneering
Alaska Permanent Fund
CEAS Investments
Baillie Gifford
Activant Capital
Investment Corporation of Dubai (ICD)
About Indigo
Indigo is a Boston-headquartered agricultural technology company enhancing crop sustainability and yields through microbial seed treatments. The firm develops products like carbon farming programs and grain contracts for farmers in the US Corn Belt and beyond. Indigo markets microbiome-based inoculants to reduce fertilizer use and improve soil health on millions of acres.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$163M (Aug 2020)
Valuation
$3.5B (Aug 2020)
Indigo Valuation
Indigo is currently valued at $3.5B, based on its Series F in August 2020.
The $360M round was led by Alaska Permanent Fund and Flagship Pioneering, with participation from Empede Capital.
Indigo's valuation has grown 2.5x from $1.4B at its Series D in September 2017 to $3.5B in August 2020, across 3 priced rounds.
Indigo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2020 | Series F | $3.5B | 21.5x |
| Sep 2018 | Series E | $3.5B | - |
| Sep 2017 | Series D | $1.4B | - |
Indigo Revenue
Indigo's latest recorded revenue is $163M, as of its Series F in August 2020. At a $3.5B valuation, that implies a 21.5x revenue multiple.
Indigo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2020 | $163M | $3.5B | 21.5x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Indigo Funding History
Indigo has raised a total of $1.5B across 10 funding rounds.
Indigo's first fundraising round was a $8M Series A in November 2014. The most recent completed round was a $50M Series B in January 2026.
Indigo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series B | Rubicon Founders (lead); Town Hall Ventures; Optum Ventures | $50M | - | Indigo is a Miami-based, vertically integrated, AI-driven medical professional liability insurance platform founded in 2023 that automates underwriting, distribution, and risk management for physicians and medical groups using proprietary AI called 'Lux'. The company closed an oversubscribed $50 million Series B funding round on January 29, 2026, led by Rubicon Founders, with significant participation from new investor Town Hall Ventures and existing strategic investor Optum Ventures. Proceeds will expand R&D, enhance product capabilities, grow distribution partnerships, and scale operations nationwide to modernize medical malpractice insurance in a legacy market. Indigo insures nearly 1,000 healthcare professionals across multiple specialties and has surpassed $10 million in written premiums, demonstrating rapid growth and traction with its Vertical AI approach that improves quoting speed, pricing accuracy, and operational efficiency for brokers and insureds. By the end of 2025, its platform automatically underwrote 20% of submissions, positioning it to challenge traditional carriers reliant on manual processes. Investors highlighted Indigo's defensible moat from combining deep insurance expertise with machine learning, enabling faster and higher-quality underwriting decisions to drive profitable growth and lower premiums. The funding validates the Vertical AI thesis for complex specialty risks, with plans to deepen underwriting rigor and expand market footprint in the US medical professional liability sector. |
| Mar 2025 | Seed | Alphabet (lead) | $2M | - | - |
| Sep 2023 | Undisclosed stage | Flagship Pioneering (lead); Lingotto; Timon Capital; State of Michigan Retirement System | $270M | - | Indigo Ag, a sustainability-focused agriculture technology company, announced on September 15, 2023, that it raised over $250 million in a funding round to accelerate its sustainable agriculture programs for farmers and agribusinesses, including carbon credits and biologics. The round was led by existing investor Flagship Pioneering, with participation from new investors such as the State of Michigan Retirement System and Lingotto Investment Management, marking Indigo's first fundraising since July 2022. Some reports described the round size as nearly $270 million. The investment signals market validation of Indigo's strategy amid challenges, including prior layoffs and a canceled IPO preparation. Indigo's historical context includes rapid revenue growth reported as $163 million in 2020, $528 million in 2021, and about $1 billion in 2022 per third-party reports, alongside earlier raises like $500 million in equity and debt in mid-2020 and $160 million pre-IPO. Flagship Pioneering, Indigo's longtime backer, continued ecosystem support through this period, later announcing its own $3.6 billion capital raise in 2024 and appointing Indigo's CEO Dean Banks as a CEO-Partner. |
| Aug 2020 | Series F | Alaska Permanent Fund (lead); Flagship Pioneering (lead); Empede Capital | $360M | $3.5B | Indigo Ag is a Boston-based agriculture technology company that combines natural microbiology with technology to enhance farming sustainability, offering products like microbial seed treatments, a grain marketplace, transportation services, and carbon farming initiatives to improve grower profitability, environmental sustainability, and consumer health. In March 2020, Indigo Ag raised an additional $360 million in Series F financing from investors including Alaska Permanent Fund and Flagship Pioneering, part of a larger Series F totaling $535 million that included a prior $175 million tranche. This round achieved a post-money valuation of $3.5 billion, positioning Indigo Ag as the highest-valued agtech startup globally at the time. The funds supported expansion of core businesses such as the Indigo Marketplace, which had facilitated over $1 billion in transactions since 2018, alongside growth in carbon programs launched in 2019 and global initiatives. The company's marketplace saw 20-30% month-over-month growth post-critical mass, enabling liquidity for farmers and buyers. Indigo operates as 'five startups in one,' spanning grain marketplace, transport, carbon credits, and more, with CEO David Perry emphasizing execution across verticals to transform agriculture. For 2020, Indigo reported revenues of $163 million, rising to $528 million in 2021 and approximately $1 billion in 2022, though later valuations dropped sharply to $200 million by mid-2023 amid reorganization and canceled IPO plans. |
| Jan 2020 | Series F | FedEx (lead) | $175M | - | Indigo Ag, Inc., a Boston-based agtech company originally incubated by Flagship Pioneering, develops microbial seed treatments, digital platforms including the Indigo Grain Marketplace for direct grain transactions, and Indigo Carbon to incentivize farmers for carbon sequestration via regenerative agriculture. The January 2020 funding included a $175 million convertible equity tranche led by new investor FedEx Corporation, with participation from Investment Corporation of Dubai, Baillie Gifford & Co., Flagship Pioneering, and others, plus $25 million debt from Pacific Western Bank, bringing total funding to $850 million. This was described as a bridge round, part of a larger $200 million raise and preceding a planned Series F. The capital supported global expansion of Indigo Grain, which saw transaction growth of 50%-100% in late 2019 and over $300 billion in bids since 2018 launch, and Indigo Carbon, with 14 million acres of grower interest since its summer 2019 debut under the Terraton Initiative. FedEx's involvement aligned with its sustainability goals, viewing Indigo's efforts as a climate solution through agriculture. CEO David Perry stated focus on marketplace growth aiming for positive operating cash flow by end-2020 and full-year 2021. Indigo evolved from crop yield microbes launched in 2016 to a full digital supply chain platform, including grain transport matching and data from TellusLabs acquisition. |
| Sep 2018 | Series E | Baillie Gifford; Flagship Pioneering; Investment Corporation of Dubai (ICD); Kevin Han; Activant Capital; CEAS Investments; Alaska Permanent Fund | $250M | $3.5B | Indigo is an agtech company founded in 2014 that uses machine learning and microbial science to help farmers improve crop health and productivity while reducing reliance on synthetic pesticides and fertilizers. The company initially launched microbe-coated seed products that help crops resist environmental stress, disease, and pest pressure, and quickly won contracts with thousands of farmers across approximately one million acres by offering seeds for seven major crops for free, then charging after the seeds produced results. In September 2018, Indigo closed a $250 million Series E funding round at a post-money valuation of $3.5 billion, bringing total capital raised to $650 million. Existing investors Baillie Gifford, Investment Corporation of Dubai, Alaska Permanent Fund, and Flagship Pioneering participated in the round. Alongside the funding announcement, Indigo launched Indigo Marketplace, a digital platform directly connecting grain growers and buyers. The marketplace had been quietly operating for approximately three and a half months prior to the official announcement, during which time growers had listed more than $6 billion worth of grain inventory and buyers had placed more than 4,000 bids representing over $2 billion in demand. CEO David Perry stated the company expected to achieve $500 million in bookings for the year, representing more than 8x year-over-year growth. The company declined to disclose revenue figures at the time of the funding announcement. With 500 employees globally and 250 based in Boston, Indigo positioned itself as the most valuable private agtech startup at the time, operating in a $250 billion U.S. grain market where traditional inefficiencies resulted in farmers receiving only 16 cents per dollar spent by consumers. |
| Sep 2017 | Series D | Activant Capital (lead); Baillie Gifford (lead); Flagship Pioneering; Investment Corporation of Dubai (ICD); CEAS Investments; Alaska Permanent Fund | $203M | $1.4B | Indigo Agriculture, a Boston-based agtech company founded by Flagship Pioneering, develops microbial technologies for seeds to boost crop yields and resilience while reducing reliance on synthetic fertilizers and chemicals. It also builds software and data tools to enhance farmer profitability through yield insights and seasonal advice. The company operates from headquarters in Charlestown, MA, with commercial bases in Memphis, TN, and international offices in Australia, Argentina, and Brazil. In September 2017, Indigo announced a $156 million first close of its Series D round, achieving a $1.4 billion post-money valuation and unicorn status, making it the top-funded agtech startup at the time. The round closed in December 2017 at $203 million after an additional $47 million raise, with Investment Corporation of Dubai (ICD) as the largest investor in the second close, gaining a board observer seat. Other investors included Activant Capital and Baillie Gifford as leads, alongside Alaska Permanent Fund, CEAS Investments, and Flagship Pioneering, supporting global expansion, microbiome R&D, and product commercialization. By late 2017, Indigo had raised over $360 million total since 2014 across multiple rounds, positioning it ahead of competitors like Plenty Inc. The company had sequenced over 40,000 plant microbes, filed more than 250 patents, and invested tens of millions annually in R&D while licensing external tech. It aimed for an IPO as a standalone business rather than acquisition, with products promising yield boosts like 40 bushels per acre in corn, potentially adding $120 per acre in revenue at $3 per bushel prices. Employee growth exceeded doubling to over 200 in the prior year, with 75% in Boston, and sales offices in Kansas. Critics noted its funding scale enabled aggressive marketing for adoption, though product efficacy matched peers. |
| Jul 2016 | Series C | Alaska Permanent Fund (lead); Flagship Pioneering; Olive Tree Capital; CEAS Investments | $100M | - | - |
| Feb 2016 | Series B | Flagship Pioneering (lead) | $49M | - | Indigo Agriculture (Indigo Ag), a crop sustainability developer based in Charlestown, Mass., focuses on microbe-based seed treatments, online grain marketplaces, transport services, carbon markets for regenerative agriculture, and data platforms including satellite imagery via TellusLabs acquisition. Flagship Pioneering, its initial investor, supported multiple rounds including a $100 million Series C financing in 2016, described as the largest private round in agriculture technology sector history at the time, coinciding with the launch of its first commercial product for water-efficient cotton. Later funding included a Series F round around 2020 totaling around $500 million (initial $200 million announced in January plus additional $300-360 million), achieving a $3.5 billion post-money valuation, flat from the prior Series E, with participation from Flagship Pioneering, Alaska Permanent Fund, Riverstone Holdings, and FedEx. Flagship Pioneering's ecosystem includes special opportunities funds like the $285 million Fund I closed in December 2016, used for follow-on investments into portfolio companies such as Indigo. Indigo has expanded globally to Argentina, Brazil, Europe, and a joint venture in India, emphasizing marketplace growth with 20-30% month-over-month increases post-critical mass. The company evolved from seed treatments launched in 2016 into a multi-service agtech platform. |
| Nov 2014 | Series A | Flagship Pioneering (lead) | $8M | - | - |
Who has invested in Indigo?
17 investors have backed Indigo across its funding rounds, including Flagship Pioneering, Alaska Permanent Fund, CEAS Investments, Baillie Gifford, Activant Capital and Investment Corporation of Dubai (ICD).
Lead investors include Rubicon Founders, Alphabet, Flagship Pioneering, Alaska Permanent Fund, FedEx and 2 other investors.
Indigo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 7 | Lead | Nov 2014 | ||
| 4 | Lead | Jul 2016 | ||
| 3 | Participant | Jul 2016 | ||
| 2 | Lead | Sep 2017 | ||
| 2 | Participant | Sep 2017 | ||
| 2 | Lead | Sep 2017 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Jan 2026 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Participant | Jan 2026 | ||
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Start Free TrialAcquisitions by Indigo
Indigo has acquired 2 companies to date.
Last acquisition by Indigo was on October 26th 2021. Indigo acquired Soil Metrics for undisclosed valuation.
Latest Acquisitions by Indigo
| Description | Soil Metrics is a New Zealand-based provider of precision technology for measuring soil carbon stocks and greenhouse gas emissions in agricultural fields. The company's portable spectroscopy devices analyze soil samples in real-time, supporting farmers and carbon offset programs with data compliant to international standards like ISO 14064. Deployed across 50,000 hectares in Australia and New Zealand, Soil Metrics delivers reports for regenerative farming verification and has secured contracts with AgResearch and regional councils. | TellusLabs is a geospatial analytics platform leveraging satellite imagery and machine learning for economic and environmental insights in agriculture and commodities. San Francisco-headquartered, its Kernel product delivers daily crop yield predictions, outperforming public forecasts for 2016 US corn and soy harvests. TellusLabs serves institutional investors and agribusinesses with global-scale signals on planting, harvest progress, and supply disruptions. |
| HQ Country | ||
| HQ City | Fort Collins, CO | Boston, MA |
| Deal Date | 26 Oct 2021 | 13 Dec 2018 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Indigo acquisitions and their M&A valuation multiples. Start Free Trial | ||
Indigo Competitors
Indigo competitors include listed companies like Tongwei, Trina Solar, AIKO Solar and Premier Energies, and private ones like Pivot Bio and Plenty.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | - | - | $1.9B | - | ||
| Publicly listed | $13B | $461M | $7.4B | 1.5x | ||
| Publicly listed | $10B | ($104M) | $3.8B | 0.7x | ||
| Publicly listed | $2.3B | $37M | $3.2B | 1.8x | ||
| Publicly listed | $814M | $258M | $4.1B | 4.0x |
Indigo Public Comps
Indigo is still privately-owned, but its public comps include K+S, Golden Agri-Resources, PI Indus, Trina Solar, AIKO Solar, ScottsMiracle-Gro, TGS, Oman India Fertiliser Company, Olam Group and KWS SAAT.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.2B | ($1B) | 0.9x | 0.8x | (3.5x) | 4.5x | |||
| $13B | $1.2B | 0.5x | 0.5x | 5.1x | 4.6x | |||
| $695M | $199M | 4.8x | 4.6x | 16.7x | 18.9x | |||
| $10B | ($104M) | 0.7x | 0.7x | (67.3x) | - | |||
| $2.3B | $37M | 2.1x | 1.8x | 134.0x | 22.5x | |||
| $3.4B | $426M | 1.5x | 1.6x | 12.3x | 9.0x | |||
| $1.5B | $653M | 2.5x | 2.5x | 5.7x | 4.1x | |||
| $977M | $488M | 3.9x | - | 7.7x | - | |||
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Common questions about Indigo
| When was Indigo founded? | Indigo was founded in 2014. |
| Where is Indigo headquartered? | Indigo is headquartered in Boston, MA, United States. |
| Is Indigo publicly listed? | No, Indigo is a private, VC-backed company. |
| What is Indigo's valuation? | Indigo was last valued at $3.5B in its Series F in August 2020. |
| How much funding has Indigo raised? | Indigo has raised $1.5B across 10 funding rounds. |
| What was Indigo's last funding round? | Indigo's last funding round was a $50M Series B in January 2026, led by Rubicon Founders. |
| Who are Indigo's investors? | Indigo's investors include Flagship Pioneering, Alaska Permanent Fund, CEAS Investments, Baillie Gifford, Investment Corporation of Dubai (ICD), Activant Capital, Lingotto, Town Hall Ventures, Timon Capital, Olive Tree Capital and 7 others. |
| What is Indigo's revenue? | Indigo's latest recorded revenue is $163M (August 2020). |
| What is Indigo's revenue multiple? | Indigo's latest valuation implies a 21.5x revenue multiple ($3.5B valuation on $163M of revenue). |
| Which companies are comparable to Indigo? | Companies comparable to Indigo include Pivot Bio, Plenty, Tongwei, Trina Solar, AIKO Solar and Premier Energies. |
| How many companies has Indigo acquired? | Indigo has acquired 2 companies, including Soil Metrics and TellusLabs. |
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