The Country 25/03/26: Craig Piggott talks to Jamie Mackay

Virtual fencing and herd-system firm Halter has doubled its valuation in less than a year to $3.4 billion (US$2 billion), as Peter Thiel’s Founders Fund leads a $377 million capital raise. This is the largest ever by a New Zealand company. We ask the founder and chief executive what he’s going to do with all that money.

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Episode Transcript

Speaker 1 (00:00):
It's today's big news story. Virtual fencing and herds system
firm Holter has doubled its valuation in less than a year.
It's had the biggest capital rays ever by a New
Zealand company New Zealand, three hundred and seventy seven million dollars.
Now you might have heard this guy, Craig Pigot on
ZB this morning with Mike Hosking. He always cuts some lunch,

(00:22):
but I'll try and take a different angle. Craig, what
are you going to do with the three hundred and
seventy seven million, Good afternoon, New Zealand time.

Speaker 2 (00:28):
Thanks having me, Jamie, having me on, Jamie. We are
going to it's kind of a few categories, a few
buckets that we're investing in. Obviously, the markets were currently
in so New Zealand, Australia and the US. There's a
lot more work to do and we want to scale
those teams and keep growing there as well as new
markets and as well as new products.

Speaker 1 (00:48):
So these new markets what United Kingdom, Ireland, South America,
You're already in New Zealand, Australia and the States. There's
the plan world domination here.

Speaker 2 (01:01):
Yeah, I think obviously agriculture is global, it's all around
the world, and so I think for us to have
the most impact, we also need to be a global company.
So yeah, we've got obviously a lot of work to do.
Three countries at the moment, isn't that many? And so,
like you say, kind of next cab off the rank,
UK Island, Europe, South America, et cetera.

Speaker 1 (01:24):
This latest capital raise values Halter at three point four
billion New Zealand dollars. That's all fine and dandy, Craig,
When are you going to make some money.

Speaker 2 (01:34):
At the moment, we are most definitely focused on just
long term growth. We're just trying to build the best
you know, long term business and have the most impact
and build the best products. So that's our priority over
like shorter term profit at the moment. But obviously we're
pretty lucky to be, you know, financially very healthy in
a strong spot. You don't do rounds like this if

(01:55):
the core business isn't isn't extremely healthy.

Speaker 1 (01:57):
So you're going to fund this expansion, which is good.
You've got the capital raise or the money to do that.
The other part of the equation is finding the resources
to do it. Ie Staff, I think you're in the
market for two hundred and twenty rolls across New Zealand,
Australia and the United States, and that's before the other expansion.

Speaker 2 (02:18):
Yes, hiring is one hundred percent one of the most
critical critical things we're doing that Wholter at the moment.
You know, what does it company? It's really its team
and culture, right, So that's obviously a key part of it.
And we'll hire as fast as we can really hopefully
support our customers as best we can and to keep

(02:39):
doing keep lifting the ambition.

Speaker 1 (02:41):
The numbers two thousand farmers across the world now well
across the three countries we're in at this stage, with
one million solar powered collars now sold. What's the ultimate aim?
Because when I look at when I look at cattle
bovine across the planet, I think there's like a the
an of them, isn't it.

Speaker 2 (03:01):
M Yes, there is a lot of cattle. I think
that just you know, it speaks to the fact that
agriculture is a massive industry and it's a critical industry.
And I think, yeah, our goal is how do we
how do we make that you know, that sector more
productive and more sustainable. It's half the words have a

(03:21):
lamb mass, and so we've got obviously a lot of
work to do before we're anywhere near that that scale,
but we're excited to keep kind of marching forward and
working on that.

Speaker 1 (03:32):
Where do you ultimately see it being in terms of
the animals or the sectors dairy versus beef, Well, beef
eventually outsize dairy.

Speaker 2 (03:41):
Yeah. I think globally the beef market is as many
times bigger than dairy for us. So yeah, I think
in time beef will be a bigger a bigger component
of our customer based than dairy. Obviously we've started in dairy.
It's the core of the product. It's an awesome place
to start, given how progressive and accurate and precise those

(04:04):
operations are. So it's been a really good, good starting point.
I think we'll keep pushing the boundary on dairy for sure,
and then that slowly, slowly, like filters across into the
into the beef industry.

Speaker 1 (04:15):
So I can see how Halter or a system like
Holter would be cost effective for intensive beef grazing operations.
Is it realistic on an extensive one like the Australian outback?

Speaker 2 (04:27):
Yeah, we have some some very extensive operations in Queensland
or in various states in the US. Obviously the bigger
the operation, the more expensive fencenters, and so typically the
more there is to gain from being able to virtually
fence and actually have some control over where your animals
graze and how you rest your land. So so one

(04:49):
hundred percent it's we have customers across the board from
very intensive dairy farms to some very very large ranches
in the US and customers and Ueensland and as well well.

Speaker 1 (05:01):
You're certainly a leader in the ag tech business. Craig
Piggot from Holter, thanks for some of your time. Great
to catch up with you via zoom. Admittedly, at the
Zanda McDonald Awards, your presentation was much appreciated by everyone
who was there.

Speaker 2 (05:15):
Thank you, Jamie