Monarch Tractor Reels In $61 Million Series B

<p><strong>LIVERMORE<&sol;strong> &&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;http&percnt;3A&percnt;2F&percnt;2Fmonarchtractor&period;com&amp&semi;esheet&equals;52532780&amp&semi;newsitemid&equals;20211117005544&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;Monarch&plus;Tractor&percnt;2C&amp&semi;index&equals;1&amp&semi;md5&equals;13001becc578775c9619969f4f206b27" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">Monarch Tractor&comma;<&sol;a> maker of the world’s first fully electric&comma; driver-optional tractor has completed a &dollar;61 million Series B funding round led by Astanor Ventures&comma; one of the world’s leading sustainable food venture firms&comma; with additional contributions from CNH Industrial&comma; At One Ventures and Trimble Ventures&period; With this most recent round of financing&comma; Monarch Tractor plans to expand its sales&comma; service and manufacturing footprint&semi; expanding its product offerings&semi; and launching international pilot test programs for regional markets&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Fruit and vegetable farmers have long been ignored in the electrification and automation movement&comma; and that’s why the Monarch platform is built with them in mind&comma;” said Praveen Penmetsa&comma; co-founder &amp&semi; CEO&comma; Monarch Tractor&period; &OpenCurlyDoubleQuote;Due to the ever-increasing labor challenges&comma; sustainability concerns&comma; and food traceability and scrutiny issues farmers face&comma; we have experienced great demand for the unique solutions Monarch Tractor offers&period;”<&sol;p>&NewLine;<p>Monarch Tractor unlocks the potential for specialty crop farmers to achieve both their economic and sustainability goals&period; This has led to growing interest from farmers and increased support from the investment community&comma; allowing Monarch to scale production and expand manufacturing space in preparation to meet global demand&period; Additionally&comma; it provides Monarch with the ability to expand the company’s footprint globally into South America&comma; Europe and Asia for international pilot testing programs&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Monarch is transforming what is arguably the most important vehicle on the planet&colon; tractors&comma;” said Hendrik Van Asbroeck&comma; partner at Astanor Ventures&period; &OpenCurlyDoubleQuote;Tractors emit 14x more than a car&comma; and have not seen the same wave of digital innovation as we have seen in the automobile industry&period; Beyond delivering an affordable&comma; clean and autonomous solution&comma; Monarch&OpenCurlyQuote;s tractors capture detailed on-farm data to enable the sustainable and efficient farms of the future&period;”<&sol;p>&NewLine;<p>Pricing for a Monarch Tractor starts at &dollar;58&comma;000 for a two-wheel drive model and &dollar;68&comma;000 for a four-wheel drive model&period;<&sol;p>&NewLine;