Tractor Zoom, an online marketplace that connects farm equipment auctioneers and buyers, has completed a $1 million seed investment round
Innova Memphis participated in the round, alongside investments from Ag Startup Engine and a small group of angel investors and individuals that hold the remaining positions in the round.
Tractor Zoom plans to use the investment to grow their team and expand to new agricultural locations outside of the corn belt.
“We’ve had a positive reception from the Midwest auctioneer community and farm equipment buyers, and we’re excited to quickly grow into other agricultural regions in North America,” said Kyle McMahon, founder and CEO of Tractor Zoom. Adding to the team and introducing new products to the market are going to be essential to that growth.”
“Up until now, we’ve been very focused on the Midwest. It’s really important to build relationships with people in the ag industry,” added Caitlin Zimmerman, Marketing Manager at Tractor Zoom. “We had to get our roots down here and grow out from there. Now, what we want to do is move into other agricultural regions in the U.S.”
Innova Memphis is a pre-seed, seed and early-stage investor focused on high-growth companies in the Biosciences, Technology and AgTech fields. Innova has investments in multiple Iowa-based companies including Agrisync and Swinetech.
“The agriculture and heavy equipment industry are ripe for innovation, and we liked the Tractor Zoom team’s perspective on the industry and their proven ability to bring creative solutions to market,” said Ken Woody, President of Innova Memphis. “The team is attacking the gaps in knowledge and accessibility when it comes to farm machinery with an energy that I find inspiring.”
Tractor Zoom receives $25,000 investment from Ag Startup Engine –July 31, 2018
Tractor Zoom: An app to hear about farm equipment sales and auctions –Nov. 27, 2017