Source Agriventures, which seeks to own farmland to lease for agriculture and energy purposes, filed on Monday with the SEC to raise up to $15 million in an initial public offering.
Source Agriventures owns US farmland and leases it to tenant farmers, and plans to add revenue from renewable energy, data center and AgTech projects on its land. The company's sole property is a 158-acre farm in Macon County, Illinois, which is leased to a tenant farmer and to RWE Clean Energy for the development of a wind energy project. The company plans to acquire additional farms in the Midwest and Sun Belt, initially at $2 million to $10 million each, and to lease portions of them to renewable energy developers and, eventually, AI data center operators. The company currently generates minimal revenue and is unprofitable.
The Carson City, NV-based company was founded in 2023 and plans to list on the Nasdaq under the symbol SRAV. Aegis Capital Corp. is the sole bookrunner on the deal. No pricing terms were disclosed.
