Terminus Capital Partners has made a majority growth investment in PickTrace, a provider of workforce management, labor compliance, and operations technology designed specifically for agriculture.
The investment will support PickTrace’s next growth phase as it expands its product capabilities, enters new markets, and advances its goal of becoming a core operating system for specialty agriculture.
PickTrace plans to continue investing in product innovation, platform development, customer support, infrastructure, and its broader team. The company will remain focused on agricultural customers and said it intends to preserve the customer-centric approach that has supported its growth to date.
The PickTrace platform spans workforce onboarding, time and productivity management, payroll and compliance workflows, field operations, logistics, quality control, and other operational functions. By connecting these workflows and related data, the platform is designed to help growers reduce manual processes, improve visibility, and act on real-time operational information.
PickTrace was founded by brothers Austin and Harrison Steed, who grew up working on their family’s blueberry, avocado, and citrus farm in Southern California. The pair initially developed technology to address operational challenges they experienced firsthand, and that agricultural background has continued to influence the company’s product strategy.
The company has since expanded beyond its original workforce-management focus as growers face increasing complexity around seasonal labor, compliance requirements, cost pressures, productivity, and operations across multiple crops and locations.
Terminus Capital Partners sees PickTrace’s position in labor compliance and time-and-productivity management as a foundation for building a broader technology platform for specialty growers. TCP said PickTrace’s role as a system of record for workforce onboarding, wage information, payroll-related processes, compliance, and farm operations gives the company access to valuable proprietary labor data and creates opportunities for additional product expansion.
TCP focuses on majority investments in B2B technology businesses and plans to provide strategic and operational support as PickTrace expands its platform and pursues long-term growth.
Moelis served as financial advisor to Terminus Capital Partners, while JonesSpross served as legal counsel. Software Equity Group served as exclusive financial advisor to PickTrace, and Holland & Knight served as its 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
