January 11, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

Bioplatform innovation company Flagship Pioneering and sustainable ag leader Indigo Ag have made multiple announcements – one of them an expansion to a very impressive funding round. But we’ll get to that in a minute. 

First, Dean Banks, the former president and CEO of Tyson Foods and a former member of the leadership team at X (an Alphabet company, formerly known as Google [X]), will be joining Flagship Pioneering as CEO-Partner, and will join Indigo Ag as its new CEO effective February 1, 2024. 

Banks brings extensive experience having held numerous leadership and entrepreneurial roles across the sustainable food, agriculture, technology, and life science industries, and will be succeeding Ron Hovsepian, who has been CEO of Indigo Ag since September 2020.

Since his appointment, Hovsepian expanded the company’s leading biological seed treatments platform, successfully produced the world’s first crop of registry-issued ag carbon credits at scale, and oversaw the ongoing development and deployment of second-generation digital merchandising solutions. 

Banks also will continue as a member of Indigo Ag’s board of directors, where he has held a seat since July 2022. Likewise, Hovsepian will continue on the Indigo Ag Board. Joining him will be new appointees Nader Bekhouche from Investment Corporation of Dubai, and Noubar Afeyan of Flagship Pioneering.

“On behalf of the Board of Directors, I would like to thank Ron for his leadership in taking Indigo to a new level of performance and growth and laying the foundation for its forward path in becoming the undisputed leader in the transformation to regenerative agriculture,” said Robert Berendes, Ph.D., chairman of the board, Indigo Ag and executive partner, Flagship Pioneering. “We are delighted Ron will continue to contribute to Indigo’s success as a board member and an advisor to the CEO.”

“Dean has been a strategic and deeply engaged board member for Indigo, drawing on his extensive experience as an entrepreneur, technologist, innovator, and business executive,” continued Berendes. “He is an energizing leader and visionary, and I am confident he will steward the company into this next critical phase of growth and profitability, and ultimately realize the full potential of the Indigo platform for companies, farmers, and the planet.”

And Now the Funding…

Founded in 2013 within Flagship’s in-house incubator VentureLabs, Indigo Ag is a leader in sustainable agriculture that leverages science and technology to transform sustainability into value through its integrated business platform that allows each user to adopt and profit from their sustainability initiatives. 

Following upon Indigo Ag’s prior funding of $250 million announced in September 2023 – which included the State of Michigan Retirement System – one of the largest pension funds in the U.S., and Lingotto Investment Management, a $3 billion fund owned by Exor N.V., one of Europe’s largest diversified holding companies – the company also has announced an expansion of this round for a final close at $270 million.

Last September, Indigo expressed how this funding signaled market validation of its strategy and reflected a level of investor confidence in its novel ability to drive success at scale for farmers and agribusinesses, adding that plans were to use the capital to scale its unique platform and to drive innovation and growth for its sustainable ag programs.  

“This important fundraise signals Indigo Ag’s successful transition from a startup to a trusted partner that is delivering critical sustainability solutions,” said Hovsepian, president and CEO, Indigo Ag, at the time. 

“We have the science, business momentum and sufficient resources to continue to deliver on our promises to our partners and customers. We are well positioned for growth and profitability as we work with the agricultural value chain to turn sustainability into real value.”

Now, from this healthy position, it will be up to Banks to lead Indigo Ag into the future. 

“I’m thrilled to take on the role of CEO of Indigo Ag,” said Banks. “Over the last year on the board, I have witnessed the tremendous investment we’ve made to build scientifically validated digital sustainability tools and biological products that farmers, agribusiness, our CPG partners, and our planet urgently need.”

“Indigo’s solutions are delivering on their promise to help make our farmers more successful today, driving higher yields and new revenue streams while helping them nurture their soil for better tomorrows. The company is uniquely positioned as a trusted, independent partner impacting millions of acres today across the agricultural value chain. I look forward to working with the team to take the company to the next level as we scale its growth and impact.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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