Fayetteville Land Brokerage Acre Traderthe online farmland investment platform that has raised nearly $80 million in outside capital since 2018, announced on Tuesday (August 23rd) the acquisition of AgValuationa collateral assessment tool for financial institutions.
Financial terms were not disclosed.
In a press release, the company said the agreement reinforces its efforts “to make buying and selling land common, transparent and easy.”
AgValuation is a web-based tool that provides clients with accurate and timely valuations for low risk transactions when an appraisal is not required. Farm credit associations, community banks and private equity firms use the tool.
AgValuation was founded in 2018 by Curtis Bearden of AgValue Consulting, Jodi Pries and Richard Gilmore of AgVisory. Angel Evans of AgLife Marketing joined as an associate in 2019.
According to the release, Pries and Evans have joined AcreTrader to oversee the transition.
“We are thrilled to partner with AgValuation as we believe their technology and impressive skillset helps us further our mission of bringing transparency to the land market across the United States,” said Carter Malloy, Founder and CEO. of AcreTrader, in a statement. “Angel and Jodi are an exceptional team and add incredibly to our culture and what we build. This acquisition brings leading-edge expertise and technology to AcreTrader, helping us further establish ourselves in the property appraisal market.
AcreTrader has 130 employees, up from around 15 in January 2021. Earlier this year, the company extended its Series B funding round from $40 million to $60 million. following an investment of Drive Capital, a venture capital firm based in Columbus, Ohio.
AcreTrader uses proprietary technology to facilitate the buying and selling of land, one of the largest US real estate sectors, exceeding $3 trillion in value.
The company’s revenue has quintupled over the past year, its customer base has tripled, and the amount of land uploaded to its platform has more than doubled.
Malloy, a native of Arkansas and a graduate of the University of Arkansas with a degree in physics, is the founder.