Terminus Capital Partners has made a majority growth investment in PickTrace, a provider of workforce management, labor compliance, and operations technology built specifically for agricultural businesses.
The investment will support PickTrace as it expands its software platform, develops new products, enters additional markets, and pursues its long-term goal of becoming a core operating system for specialty agriculture.
PickTrace plans to continue investing in product development, customer service, infrastructure, and the teams supporting its grower customers. The company will remain focused on agriculture while expanding the range of operational workflows its platform can manage.
Founded by brothers Austin and Harrison Steed, who grew up working on their family’s blueberry, avocado, and citrus farm in Southern California, PickTrace was initially developed to address challenges the founders experienced firsthand in agricultural operations.
The platform has since expanded beyond workforce management to support employee onboarding, time and productivity tracking, payroll and compliance workflows, field operations, logistics, quality control, and other business processes. By bringing operational data and workflows together, PickTrace aims to help growers reduce manual work, improve visibility, and make faster decisions using real-time information.
Terminus Capital Partners sees PickTrace as a critical technology provider within specialty agriculture because of its role in managing labor data, onboarding documentation, wage information, payroll, compliance, and farm operations.
The investment firm plans to work closely with PickTrace’s management team on strategic and operational initiatives as the company expands. PickTrace will continue to be led by CEO Damon Valenzona, with founders Austin and Harrison Steed remaining involved in the business.
Agricultural operators face complex workforce, compliance, cost, and productivity challenges, particularly when managing seasonal labor across multiple locations and crop types. PickTrace is positioning its purpose-built software and industry expertise as an alternative to fragmented or manual systems used across many farming operations.
Moelis served as financial advisor to Terminus Capital Partners, while JonesSpross acted as legal counsel. Software Equity Group served as exclusive financial advisor to PickTrace, and Holland & Knight provided legal counsel.
KEY QUOTES:
“PickTrace has established itself as the clear leader in the labor compliance and time & productivity market niche within AgTech focused on specialty growers. PickTrace is a critical technology vendor because it collects proprietary labor data, it serves as the system of record for onboarding paperwork and wage data, and it underpins payroll, compliance, and farm management for its clients. From that incredible starting point, we see an opportunity to partner with Damon, Harrison, Austin, Kalyn and the broader PickTrace team to build a leader in the fragmented specialty grower AgTech market.”
Alex Western, Founder And Managing Director Of Terminus Capital Partners
“This partnership marks an exciting next chapter for PickTrace and the customers we serve. Our recipe for success has been simple: focus on delivering best-in-class technology and customer service to agriculture operations. With TCP as our partner, we have an opportunity to accelerate that success, investing more deeply in our team, our platform, and our customer service.”
Damon Valenzona, CEO Of PickTrace
