Celebrating the Agriculture Investment Initiative

At The Nature Conservancy (TNC), we believe that bold experimentation is essential to solving the planet’s most pressing environmental challenges. Our agricultural technology investment work was born from this spirit. Direct venture investing was uncharted territory. Yet, it was an intrepid approach to explore how investments in agriculture technology could accelerate progress on our environmental goals while benefitting people, climate and nature.

Over the course of this work, we invested in eight companies across the agtech spectrum and executed three pilot projects of technologies and innovative concepts with the goal of accelerating progress beyond TNC.

Accomplishments

Our investment portfolio reflects the diverse technologies and innovative solutions required to accelerate the adoption of regenerative agriculture practices. From digital tools and data platforms to biological inputs and grazing management technologies, our portfolio represents a broad and strategic approach to transitioning agriculture production towards regenerative systems.

The pilot projects have demonstrated what is possible on a large-scale. The impact of our system assumption testing is allowing other stakeholders in the regenerative agriculture space to build on learnings from the projects and accelerate progress.

Theories of Change

TNC’s agriculture innovation work has been guided by several theories of change, which have proven out in meaningful ways:

Signal Investors: The goal with our venture investing was to use our seat at the investor table to build experience and credibility as an active investor. We intended to use this experience and credibility to signal investors where we had identified challenges and roadblocks to scaling regenerative agriculture in that hopes that would help to inform their investment theses. The team, through a proactive communications strategy that included speaking and panel appearances as an investor, hosting workshops and publishing blogs, came to be seen as a credible voice in the investor ecosystem. This was validated through invitations to engage with the broader investor ecosystem in capacities such as external investment committee member and fund board advisor roles.

Pilot Projects: Our goal was to use our relatively small-scale pilots to test assumptions about ecosystem change and, through that early testing, allow other actors in the system to build on our learnings and accelerate change. Two examples:

• We invested in and partnered with Growers Edge to develop and test an impact-oriented warranty tool that de-risked the adoption of sustainable practices on farms. Based on learnings from the pilot, Growers Edge is working with industry strategics to test the solution at a scale 10 times larger than our original effort, targeting over 50,000 acres. Learn more about warranty pilot projects.
• We invested in Vence, a virtual herd management technology company, and TNC’s Regenerative Grazing Lands strategy team engaged deeply with the technology (from Vence and other companies). Through pilots testing the technology on working ranches that included hands-on collaboration and co-learning with ranchers and land managers, TNC staff have become recognized experts in how this emerging tech can scale regenerative grazing. Learn more about virtual fencing.

Financial Return: As of May 2025, our investments have returned over 30% of the original recoverable grant that funded both the direct investments and the critical pilot work. The portfolio has five remaining companies from which additional returns are anticipated. This return reinforces the potential for mission-aligned capital to drive impact and returns.

Looking Ahead

The most gratifying part of this work is its ripple effects. Our investments continue to spark conversations, influence strategies and shape a more regenerative vision for agriculture.

The farm operations, entrepreneurs and collaborators who welcomed us into their fields, labs and boardrooms provided insights that made this work richer and more grounded. We’ve learned what works, what doesn’t and what’s needed next.

The nature of innovation is continuous improvement and adaptation. As we move forward with our regenerative agriculture program, the innovation work will evolve and be woven into the foundation of the many projects and collaborations that bring us closer to our goals. We are carrying forward the lessons, relationships and momentum created over the past several years. Together, we will find new ways to support agricultural systems that nourish both people and the planet.