Key Takeaways:
- Chris Rawley, CEO of Harvest Returns, has helped raise over $30 million for farms, including vertical and indoor agriculture ventures.
- Harvest Returns focuses on niche and underserved farm types, offering flexible funding solutions beyond conventional ag lenders.
- Vertical farming investors now prioritize profitability over growth as risk appetite declines.
- Harvest Returns evaluates farming ventures based on execution capabilities, regional adaptation, and financial planning.
- The platform supports a growing network of over 14,000 agriculture-focused investors across the U.S.
Chris Rawley’s Path from Naval Service to Ag Investment
In a conversation with Vertical Farming Podcast host Harry Duran, Chris Rawley, Founder and CEO of Harvest Returns, shared how his global naval career and exposure to food systems in the developing world shaped his mission in agriculture finance.
“I traveled to over 60 countries and saw food insecurity firsthand,” said Rawley. “When I moved to a more rural part of Texas, the opportunity to support agriculture made more sense.”
Harvest Returns: Building a Platform for Alternative Ag Investment
Founded in 2016 by Rawley and Austin Maness, Harvest Returns connects capital-seeking farmers with investors looking to diversify their portfolios through agriculture. The platform has supported a variety of projects including:
- Vertical farms and indoor CEA facilities
- Urban farms using circular economy models
- Spirulina and mushroom growers
- Aquaculture systems and specialty livestock
“We support controlled environment agriculture (CEA), but steer clear of conventional row crops like wheat or soy,” said Rawley.
What Chris Rawley Looks for in a Farm Investment
According to Rawley, successful indoor and vertical farms must demonstrate strong operational and financial planning from the start. “Farming isn’t just growing,” he said. “It’s selling, distributing, marketing—and executing across all of it.”
Key evaluation factors include:
- Clear financial projections and strong unit economics
- Execution history or entrepreneurial track record
- Regional feasibility and cost realism (e.g., energy costs, labor, climate)
- A team with both agronomic and business expertise
“We’re looking for the Ray Kroc of urban farming—someone who figures out a replicable, profitable model and can scale it regionally,” said Rawley.
Lessons from Early Deals and the Maturing CEA Sector
Rawley acknowledged the steep learning curve Harvest Returns faced in its early days, particularly with first-time vertical farming entrepreneurs who underestimated energy costs and overestimated market demand.
“Some of the companies we backed early wouldn’t pass today,” he admitted. “Today’s environment requires more traction, experience, and a path to quick profitability.”
Rawley also noted a shift from tech-focused vertical farms to more specialized players: “You’re either building tech or you’re a farmer—it’s difficult to be both.”
Investor Sentiment and Risk Expectations Have Shifted
With over 14,000 investors on its platform, Harvest Returns has witnessed changes in how capital flows into agtech and farming. “The risk-free rate is now 5%, so investors expect much higher returns from private farm investments,” said Rawley.
The firm provides pooled investment vehicles, allowing individuals to invest amounts as low as $5,000 in curated farm deals. Sustainability, water conservation, and biodiversity preservation are growing concerns among the investor base.
Chris Rawley’s Advice to Vertical Farmers Seeking Capital
For vertical farms preparing to raise funds, Rawley emphasized the importance of mastering financial basics.
“If your cost to grow basil is $5 and you’re selling it for $3, we’re not interested,” he said. “Understand your unit economics and be ready to show your numbers.”
Other advice:
- Hire financial consultants if needed
- Show prior execution—even in unrelated fields
- Be honest about capital requirements and operational capacity
Looking Ahead for Harvest Returns
Having passed the “start-up survival” phase, Rawley now considers the long-term growth path for Harvest Returns. He remains committed to helping indoor farming succeed, but cautions against overreliance on hype.
“We need to focus on profitability over growth,” he concluded. “The era of raising big checks on big ideas is over—investors want a clear, realistic path to returns.”
Listen or Watch The Entire Episode With Chris Rawley Below
Harvest Returns is an investor in AgTech Media Group, the company behind iGrow News.
