Terminus Capital takes majority stake in AgTech firm PickTrace
What's the deal? Terminus Capital Partners (TCP)Dealroom has a profile for this one. Try Dealroom →, a growth-focused private equity firm, has made a majority growth investment in PickTraceDealroom has a profile for this one. Try Dealroom →, a workforce management, labor compliance, and operations software provider built for agriculture. The deal was announced on October 13, 2026; terms were not disclosed.
What does PickTrace do? The company handles workforce onboarding, time and productivity management, payroll and compliance workflows, field operations, logistics, and quality control for farms. It was founded by brothers Austin and Harrison Steed, who grew up on their family's blueberry, avocado, and citrus farm in Southern California.
What's the endgame? PickTrace wants to become the "core operating system for specialty agriculture." The capital will fund product innovation, platform expansion, new markets, and customer-facing teams.
Why PickTrace? "PickTrace has established itself as the clear leader in the labor compliance and time & productivity market niche within AgTech focused on specialty growers," said Alex Western, founder and managing director of TCP. He noted the company holds proprietary labor data and serves as the system of record for onboarding paperwork and wage data.
Why now? Farms manage large, seasonal workforces across scattered acreage and diverse crops, while facing evolving compliance rules and cost pressures. PickTrace targets that complexity with software plus hands-on implementation and support.
Chief executive officer Damon Valenzona called the deal "an exciting next chapter," adding that the firm would invest "more deeply in our team, our platform, and our customer service."
The signal: TCP is betting on consolidation in a fragmented specialty-grower AgTech market, where a company controlling labor, payroll, and compliance data can expand into a broader operating layer for farms.
Read more: morningstar.com
