Halter raises NZ$165 million at a US$1 billion valuation for cattle collars and virtual fencing, then $220 million at $2 billion

June 2025 — Halter, a New Zealand maker of solar-powered cattle collars and virtual fencing, said in June 2025 that it had raised $165 million in a Series D round valuing it at $1.65 billion, or US$1 billion. Here's what happened, what it cost, and what went wrong.

Cost and outcome (as of Mar. 24, 2026)

Outcome: Series D: $165 million at $1.65 billion (US$1 billion), led by BOND. (Halter, June 2025)
Update: Series E: $220 million at a $2 billion valuation, led by Founders Fund. (Halter, Mar. 24, 2026)
Cost to farmers: collar and subscription prices not given in either release.
Staff: over 200 in June 2025; over 400 by March 2026, Halter says. (Halter, June 2025, Halter, Mar. 24, 2026)

The Series D

BOND, a global technology investment firm, led the round, with new investor NewView Capital, continued support from Blackbird and Icehouse Ventures, and ongoing backing from Bessemer Venture Partners, DCVC and Ubiquity Ventures, Halter said. (Halter, June 2025)

Halter describes its system as a solar-powered smart collar for each cow, towers for connectivity, and an app to manage cattle and pasture by phone. The collars guide cattle with sound and vibration cues. (Halter, June 2025)

"This capital will help unlock productivity gains for even more farmers," said CEO and founder Craig Piggott. He said Halter was investing in product innovation and expansion across New Zealand, Australia and the U.S. (Halter, June 2025)

BOND general partner Daegwon Chae said cattle-based products generate over $1 trillion a year, and that farmers are "constrained by traditional bottlenecks of the offline economy – labour, time, and limited automation." (Halter, June 2025)

Why New Zealand cares

Piggott said dairy and beef farming generate over $30 billion and nearly 30% of New Zealand's exports each year. (Halter, June 2025) Halter said Deloitte's Fast50 index had named it New Zealand's fastest-growing company. (Halter, June 2025)

Founded in 2016, Halter says thousands of farmers in New Zealand, Australia and the U.S. use its system. "When our farmers thrive, so does our economy," Piggott said, adding that the capital would help thousands more farmers increase productivity and, in turn, drive economic growth. (Halter, June 2025)

Update, Mar. 24, 2026: Series E

Halter said it had raised $220 million in Series E funding at a $2 billion valuation. Founders Fund led, with Blackbird, DCVC, Bond, Bessemer, NewView, Ubiquity, Promus and Icehouse Ventures taking part. (Halter, Mar. 24, 2026)

Halter called it one of the largest rounds ever in agtech. It said it will use the money to grow commercial and field operations in the U.S., New Zealand and Australia, and expand to Ireland and the U.K. later in 2026, with early ranches in Canada and possible further moves in North and South America. (Halter, Mar. 24, 2026)

"Agriculture is a multi-trillion-dollar industry that feeds the world, yet remains one of the least digitized sectors on earth," said Founders Fund partner Amin Mirzadegan. (Halter, Mar. 24, 2026) Halter said the money would support ranchers already using the system as well as new ones. Product spending will include animal health monitoring and pasture management, Halter said. (Halter, Mar. 24, 2026)

What went wrong

Mixed currencies. The Series D release gives '$165M' and '$1.65billion (USD $1 billion)' in one line, which implies the round size is in New Zealand dollars; the Series E release doesn't label its currency. (Halter, June 2025, Halter, Mar. 24, 2026)
Company-only figures. Both releases are Halter's own. We couldn't read Reuters, BusinessWire or Bloomberg from our network to cross-check them.
No revenue or profit. Neither release gives revenue, margins, or what farmers pay, so the valuations can't be compared with the business.
What we don't know yet: what Halter charges farmers, and whether it is profitable.

Our follow-up question for Halter

What are Halter's revenues and per-cow pricing, and in which currency was the Series E denominated?

Sources

Halter, “Halter raises $165M in funding to help farmers boost productivity,” June 2025. halterhq.com
Halter, “Halter raises $220M in Series E to accelerate global expansion of virtual fencing,” Mar. 24, 2026. halterhq.com

Disclosure: [not in copy] Editor placeholder