There are a lot of great AgTech software businesses that will be built in the coming years. There will also be very few, if any, IPO-scale ag-focused software businesses built in the coming years. 

Founders should structure their cap tables accordingly.

Harvest Profit sold 6% of its equity to some early customers in a small seed round. In addition to $50k in grants and borrowing low six-figures from “friends and family”.

Even with the benefit of hindsight, I have zero regrets about that funding path.