AgTech startup and online marketplace Tillable lands $8.25 million Series A to transform the $32 billion farmland rental market

Tillable, an AgTech startup that helps landowners optimize returns and gives farmers an efficient platform for expanding growing operations, has raised $8.25 million Series A funding round to bring efficiency to $32 billion farmland rental market. The round was led by top agtech investment holding company The Production Board, with participation by First Round Capital.

Founded just last year by Corbett Kull, Tillable is an online marketplace that helps farm landowners and growers to rent and manage farmland. Today, 40% of US farmland is rented creating a $32 billion/year market. However, very little data on pricing and relative performance exists leading to a very inefficient market and to price distortion on both ends of the spectrum. Tillable was created to introduce data transparency to this market and make it more efficient to the benefit of all parties. The Tillable marketplace provides price discovery, unprecedented access to new land, and information management to all parties, in one easy to use platform.

Tillable’s easy-to-use online marketplace helps landowners and farmers determine fair rent for farmland, helping both sides connect on an efficient, convenient and secure online platform. With Tillable, landowners can optimize the financial return on their land, gain visibility into how their acreage is used, and identify growers who will act as responsible stewards for their properties’ long-term viability. Tillable helps farmers expand operations with a convenient platform for screening farmland based on factors such as price, acreage, soil type and location.

In addition to connecting landowners and farmers, Tillable brings much-needed efficiency and reliability to the farmland rental market. Tillable helps owners secure multiple offers for farmland rental, captures data on land and farmer performance, and streamlines administration through standardized online leases and digital payments.

“Over 40 percent of all U.S. farmland is rented, and while landowners collect $32 billion in rent every year, it’s estimated that they leave $8 billion on the table due to underpriced rent,” said Tillable Co-founder and CEO Corbett Kull. “But it’s not the landowners’ fault. The tools and data just haven’t been available to understand fair rental value for farmland or to aggregate demand among farmers, and this is especially true for the increasing number of landowners who do not live on or near their property. With Tillable, landowners and farmers both are in a much better position for long-term success.”

Kull has a track record of success as an agriculture technology entrepreneur. He was the co-founder of 640 Labs, where his team created breakthrough technology to help farmers record highly accurate data on planting, fertilization and harvest to better understand performance and optimize yields. He later served as the head of Chicago operations for The Climate Corporation following its acquisition of 640 Labs.

Tillable will use the Series A funding to expand its engineering, sales and marketing teams in order to rapidly accelerate its efforts to attract landowners and farmers to the platform ahead of the 2020 growing season. The company’s identification of a market need and its plan to disrupt and improve age-old, inefficient processes are among the attributes that attracted investors.

“Tillable’s goal fits well with ours: to improve the efficiency and economics of global food and agriculture markets,” said David Friedberg, Founder and CEO of The Production Board. “By applying sound economic principles and technology to an underserved market, Tillable is improving the information exchange between landowners and farmers, which will in turn help maximize both the value and responsible use of America’s farmland.”