Halter raises $100M Series D at $1.65B valuation to scale virtual fencing collars for cattle across three countries
Jul 8, 2025 with Craig Piggott
Key Points
- Halter closes $100M Series D at $1.65B valuation to scale virtual fencing collars across New Zealand, Australia, and 18+ U.S. states.
- The solar-powered collars use on-device ML and low-energy pulses to train cattle to virtual boundaries, eliminating physical fences and reducing daily farm labor.
- Operating on 1,000+ farms managing hundreds of thousands of cattle, Halter grows 2x year-on-year with a SaaS model bundling hardware into tiered subscriptions.
Summary
Halter, the New Zealand-founded agtech company led by founder and CEO Craig Pigot, has closed a $100 million Series D led by Bond, valuing the business at $1.65 billion. The raise will fund market expansion and product and R&D investment, with a particular focus on deepening penetration across its three active markets.
The company's core product is a solar-powered collar that uses edge-based machine learning, sound cues, vibration, and a low-energy pulse — roughly 100 times less powerful than a standard electric fence — to train cattle to respond to virtual boundaries. Farmers manage herding, fencing, and shifting entirely from a smartphone, eliminating the need for physical fences or manual mustering.
Scale and growth are the headline metrics. Halter is live across New Zealand, Australia, and approximately 18 U.S. states, operating on over 1,000 farms and monitoring hundreds of thousands of cattle daily. The business is growing at more than 2x year-on-year.
The business model is predominantly SaaS. Hardware is bundled into the subscription rather than sold outright, with tiered plans — Core, Pro, and Unlimited — and a small upfront installation fee to cover tower infrastructure needed to run the farm network. Health and fertility monitoring are already live as additional SaaS layers, enabled by the behavioral data the collar collects as a byproduct of its guidance function. Farmers reportedly spend an average of two hours per day inside the product.
Pigot frames the addressable market as a function of land mass rather than population, pointing to agriculture covering roughly half the planet's landmass as the long-run opportunity. Even within New Zealand, Australia, and the U.S. alone, he describes it as a multi-billion dollar opportunity. With approximately 1.5 billion cattle globally, the ceiling for collar deployment is substantial, though Halter is maintaining geographic focus for now.