Private Placement

Series A-4 Investment Round

by Steward Holding Company
Series A-4 Investment Round

Steward is transforming agriculture by equipping human-scale regenerative farms with the capital they need to grow. Together, we can fund the future of farming.

Project Summary
  • Target Raise: $2,500,275
  • Minimum Raise: $1,000,850
  • Price: $925 per share
  • Minimum Investment: $2,775 / 3 shares
  • Eligibility: Accredited & Limited Non-Accredited Investors
22 / 35

Non-Accredited Investors Subscribed


At Steward, we believe food is more than calories, and farms are more than production lines. That’s why we fund farms that fit: human-scale producers that meet the real needs of their communities while regenerating the integrity of the systems they manage. Nearly every step of the conventional finance system works against these agricultural stewards. They are too diverse, too local, too small. But we don’t see it that way.   

We believe investing our best resources into our most indispensable vocation is the key to building durable, local economies and equitable, resilient food systems. By partnering directly with human-scale farms, ranches, fisheries, and producers—real stewards committed to regenerative practices—we participate in the rejuvenation of soil biology, the restored function of agricultural ecosystems, and the joy of good food shared in community. This is real agri-culture, and that’s where we want to dedicate our time and our capital. 

Empower the movement of regenerative agriculture. Invest in the Steward Holding Company. 

"We have consistently found that access to capital is one of the primary barriers for producers to unlock growth in their business. The truth of the matter is that if your farming model doesn’t fit squarely into the mold of a traditional farm lender, you are underserved. Steward is working to fix that. Steward is bringing a new model of finance that unlocks capital for a very large segment of producers that can’t get the resources they need to supply a market that is currently exploding."
- Eric Smith, The Grantham Foundation, lead investor in a Series A Round and Board Member

"At Tripple, we see access to finance as one of the major barriers to a global regenerative food system. Steward tackles this challenge by providing appropriate debt solutions designed in partnership with farmers whilst democratizing investment through community participation. With Dan’s history of success in crowdfunding at Fundrise, we are excited to see him translate that experience to contribute to a food systems transformation so desperately needed by people and planet."

- Bec Milgrom, Tripple, co-lead investor in a Series A Round and Board Member

Our Services

Individual Participated Loans

Steward Lending makes a loan to an individual farm or ranch for specific commercial purposes. For as little as $100, qualified lenders can participate in a campaign to support an individual business, essentially buying a “piece” of the loan Steward is making. Steward works with each borrower to customize the loan’s structure and term based on their unique circumstances. We offer flexible payment terms on the business loans we make, such as providing a period of accrued interest after the loan is disbursed so funds can be used to generate revenue before starting to make repayments. Loans can support the acquisition of land, infrastructure, equipment, and operations based upon the future potential of the business, providing a pathway to growth and scale. All loans are secured by the collateral of the borrower. Lenders are repaid monthly throughout the lifetime of the loan.

Steward Regenerative Capital

This short-term credit product provides bridge loans to qualified farmers and food producers, giving them swift access to capital. Lenders can support the growth of multiple regenerative agriculture businesses through a single loan to Steward, ranging from $100 to $1 million. Steward then uses these funds to make secured, short-term bridge loans. This product is semi-liquid, has a 9-month loan term, and offers a fixed annual interest rate, currently set at 5%, paid monthly to participating lenders. Lenders have the option to renew their participation at the end of each loan term and lend additional funds to this evergreen campaign at any time.

In-House Technology

Steward develops proprietary technology which forms the backbone of our underwriting and fundraising systems. Our technology facilitates the compliance administration of transactions and transfer of funds between lenders and borrowers, in a two-sided marketplace. The Steward platform is built with usability and accessibility in mind, paying attention to the broad and diverse customer base we serve.

Our Customers


Our borrowers are human-scale regenerative & sustainable farmers, ranchers, fishers, and agricultural producers throughout the United States. They grow in a variety of sectors, such as fruits & vegetables, livestock, poultry, grain, dairy, flowers, bees, aquaculture, fisheries, forestry, hemp, mushrooms, and wine. We also work with food systems infrastructure, such as value-added processing and food hubs.

The borrowers we work with are economically viable, ecologically minded, and determined to be a sound credit risk.

The businesses we fund must be:

  • Regenerative: Methods that increase biodiversity, enrich soils, improve watershed health, sequester more carbon than they release, and enhance ecosystem services.
  • Sustainable: Approaches that sustain working lands, natural resources, and communities.
  • Human-Scale: Operations that engage more “hands on the land”, establishing a productive and restorative scale of agricultural management.
  • Appropriate: Right-sized and suitable for a specific community, location, or operation.
  • Equitable: Systems that support underserved groups and empower communities

Our Underwriting Process for Borrowers

Steward thoroughly reviews each borrower who applies to raise funds on the platform, conducting diligence to assess the borrower's business operations, financial position, and agricultural practices. With a breadth of knowledge and direct experience in the farming industry, Steward's in-house due diligence team and its distributed network of consultants provide comprehensive underwriting as well as active support to improve the borrower's operational capacity.

Differentiating itself from a traditional lender, Steward considers factors beyond the purely financial, such as regenerative practices of the business, potential community impact created by the borrower's success, and social factors of the business around diversity, equity, and inclusion.

Steward's diligence process ultimately leads to borrowers who are both values-aligned and economically viable.


Individual lenders, high net worth individuals, family offices, and foundations. Those who lend with Steward aim to do good and do well (impact + return). They want their money to make an impact in the agriculture sector and are committed to building sustainable food systems. They enjoy being educated about the unique benefits of a regenerative approach through farmer stories. They support climate solutions like carbon sequestration and soil health and support local justice and marginalized communities.

Our Impact

Steward's mission is to promote economic and environmental stewardship through regenerative agriculture. By providing human-scale, regenerative food producers and professionals access to capital and the technical support services needed to scale their businesses, Steward facilitates the regeneration of agricultural ecosystems and local economies - from fields and farms to food hubs and fisheries.

Empowering the growth of food producers committed to the highest standards of stewardship improves the health of every element of the food system. Regenerative soil management increases carbon sequestration and makes farms more productive and climate resilient. Businesses scale in response to the limits of agricultural ecosystems rather than ignoring them. Selling value-added products to local markets keeps food dollars in agricultural communities creating higher quality and better-paying jobs. And consumers gain more access to nutrient-dense food that makes a positive impact on their community.

Steward’s Business Today

  • Funded 70 loans to date through Participated Loans and Steward Regenerative Capital, totaling over $12.8M
  • Over 1,400 active lenders
  • 350+ borrower applications submitted since March 2021
  • Average loan size: $183,409.81
  • Average number of days to complete a campaign: 19.46
  • Average number of lenders per project: 60.79
  • Largest project to date: San Juans Center for Regenerative Economy - $2.86M
  • Fastest raise to date: The Regen Ranch - $52k funded in 2 minutes
  • 13 full-time employees

Series A Offering

Series A-1 and A-2

On April 20, 2021, Steward held the first close of its Series A investment round at $596.73 per share, led by The Grantham Foundation and Tripple with investments of $2,250,000 and $750,000, respectively

Steward's Founder & CEO, Dan Miller, exchanged his $4,558,749 investment since inception into Series A Preferred Stock at the same share price. The Series A round also involved the conversion of Convertible Notes at a 20% discount.

We subsequently raised $252,000 in additional capital from select users through the Steward platform.

Series A-3

On August 20, 2021, we held the initial closing for the Series A-3 follow-on offering at $665.21 per share, raising $500,000 from two lead investors, Evelyn Steyer and Kat Taylor. We also raised an additional $80,000 from users through the Steward Platform.

Series A-4

The current Series A-4 round will be offered entirely through the Steward Platform at $925 per share. The target raise amount of $2,500,275, with a minimum of $2,775 (3 shares) per investor. We are offering this round to an unlimited number of accredited investors and up to 35 non-accredited investors.

This is the first time we are offering non-accredited investors the opportunity to invest in the Steward Holding Company. Non-accredited investors are allowed to invest up to 5% of their income or net worth, whichever is higher.

Invest now to join the movement.

These are the key terms only. 

Company: Steward Holdings (US), Inc., a Delaware public benefit corporation

Security Type: Series A-4 Preferred Stock

Max Offering Amount: $2,500,275

Minimum Offering Amount: $1,000,850

Price Per Share: $925.00

Pre-Money Valuation: $26,608,709

Minimum Investment: $2,775 / 3 shares

Maximum Investment: $2,500,275

Target Closing Date: August 31, 2022

Use of Proceeds: General corporate use including staff, technology, marketing, regulatory, and legal

Current Capitalization: See cap table in the Documents tab

Confidential Private Placement Memorandum Download
Series A Preferred Stock Purchase Agreement Download
Steward Holdings (US), Inc. Capitalization Table Download
Steward Holdings (US), Inc. Investor Deck Download
Steward Holdings (US), Inc. Business Plan Download

Meet the Farmers

Join a growing community of sustainably-minded lenders reaping the rewards from responsible farming