Fresh Earth · Why $15M? Valuation Justification

SV · 01The valuation question

Why A$15M? Priced after proof, before scale.

Fresh Earth’s A$15M pre-money valuation reflects the value of what has already been built and de-risked — not a forecast of where the company might go.

The valuation bridge · idea → platform scale

Behind

Idea risk

concept · framework only

Behind

Operating proof

real farms · pilots · audits underway

Today · A$15M

First licensee

Fresh Earth Agriculture AUS established

Today · A$15M

Verified revenue

project revenue precedent across pilot operations

Ahead

Platform scale

investor infrastructure · multi-licensee · scaled revenue

Supporting evidence

nine anchors · each already crossed · not forecasts

First licensee model established through Fresh Earth Agriculture AUS

Real farms and project pathways already in motion

Land-backed operating precedent

Carbon, soil, biodiversity and environmental project experience

Verified revenue precedent across pilot operations

Hillview Park as a working precedent for the model (1,167 ha · operating proof, not declared as first migration)

Audit, verification and data pathways underway

Policy and institutional alignment through ZNE-Ag CRC (Tier 2 partner · 10-year A$300M national program)

Scalable infrastructure model designed to move beyond one farm

Illustrative only. Not a forecast, guarantee or promise of return or liquidity. Any future valuation uplift or liquidity pathway will depend on company performance, execution, dilution, legal and regulatory requirements, board approval, market conditions, investor demand and other risks.

For wholesale investors only under s708(8) and/or s708(11) Corporations Act 2001 (Cth). Minimum ticket A$25,000. Not a Product Disclosure Statement. Forward-looking statements made on reasonable grounds under s769C(1).

SV · 01BFoundations already built

A$2M already invested.

A$15M is not paying for an idea. It is pricing A$2M of architecture, modelling, project design and compliance work already built and funded — the rails the next phase will scale on.

A$2M deployed · four work streams · already funded · already in motion

Foundational architecture & platform development

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Operating system architecture for the regenerative-platform
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Data ingestion, audit-grade verification rails
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Multi-licensee infrastructure framework
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Investor participation infrastructure design (FEVT pathway)

Algorithmic modelling

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Carbon, biodiversity and soil-health modelling
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Project valuation and revenue modelling
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Verification, audit and reporting logic
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Platform economics and licensee revenue modelling

End-to-end project design

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Project lifecycle frameworks · design → operate → verify → monetise
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Licensee onboarding pathways
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Standards and protocols across multiple project types
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Reporting and disclosure frameworks

Registrations & compliance support

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Entity registration · Fresh Earth Universal Pty Ltd · Fresh Earth Agriculture AUS
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ASIC s708(8)/(11) wholesale framework setup
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Project-level compliance pathways
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Industry partnerships · ZNE-Ag CRC Tier 2 partner · 10-year A$300M national program

Reading the floor

A$2M has already been invested in building these rails. A$15M reflects what they are worth today — not the cost to replicate them. The next phase scales what has already been built; it does not build from zero.

SV · 02What investors are really buying

Investors are buying the rails, not one farm.

Fresh Earth Universe owns the infrastructure layer designed to make regenerative land investment repeatable. Assess it as an early-stage infrastructure platform with operating proof — not as a single farm, a single project or a consulting business.

Layer 01

Fresh Earth Universe

Platform · IP · standards · licence model

Layer 02

Fresh Earth Agriculture AUS

First licensee · project developer · operating partner

Layer 03

Farms & Projects

Land · carbon · biodiversity · soil · water · renewable pathways

Layer 04

Verification & Revenue

Audits · data · reporting · project revenue · licence economics

Layer 05

Future Capital Formation Layer

FEVT structure · investor participation infrastructure · if successfully developed

FEVT · what it is · what it is not

FEVT (Fresh Earth Value Token) is a future infrastructure layer. Part of this raise funds its legal, compliance and structuring pathway — but FEVT is not part of this raise, not a token sale, and does not directly liquidate FEU shares. If successfully developed and launched, FEVT may increase FEU’s enterprise value by enabling land acquisition and project funding at scale.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.

SV · 03Why the market supports the valuation

Fresh Earth sits where land, climate, capital and verification meet.

The valuation is not based on a single market. It is supported by Fresh Earth’s position at the intersection of four investable categories already attracting capital, policy support and institutional attention.

Where the four markets meet

Market 01

Regenerative agriculture

Soil · biodiversity · stocking · nutrition density

Market 02

Environmental markets

Carbon · natural capital · biodiversity credits

Market 03

Real-world asset infrastructure

Audited · land-backed · investment-grade structuring

Market 04

Measurement, reporting & verification

On-farm sensing · third-party audit · audit-grade data

Market sizing is indicative only and does not imply market share, revenue or valuation outcomes.

SV · 03BComparable company valuation benchmarks

Where platform-led natural-capital businesses are valued.

Platform-led natural-capital businesses command premium valuations from strategic acquirers and growth investors. GreenCollar’s A$800M strategic acquisition by Ontario Teachers (2023) establishes the Australian precedent for the model Fresh Earth is built on. Inari Agriculture’s US$2.17B valuation validates billion-scale outcomes for credible asset-light platform theses. A$15M pre-money positions FEU as an early-stage entry into a category with proven scaled exits.

CompanyModelValuation (status)Relevance to FEU

GreenCollar

(AU)

Carbon / nature developer platform · AgriProve 357 soil projects · Terra Carbon 20M ACCUs · landholder keeps majority, platform takes a developer / royalty cut

A$800M — Ontario Teachers, strategic, 2023

disclosed

HIGHEST

Closest model, Australian, recent. The scaled ceiling FEU is built toward.

Inari Agriculture

(US)

Asset-light seed-trait IP royalty / licensing

US$2.17B (Jan 2025), ~US$720M raised

disclosed

MEDIUM

Markets pay billion-scale for credible asset-light royalty theses, even pre-revenue.

Boomitra

(US / global)

Asset-light MRV + carbon revenue-share (partners keep ≥75%)

Undisclosed · ~US$40M+ raised

undisclosed

MED-HIGH

Validates the revenue-share take model — a platform retaining a minority of project value.

Sylvera

(UK)

Carbon-data / ratings SaaS

~US$15M ARR → ~6–7× ARR implied

estimate

MEDIUM

A real, current platform revenue multiple anchor (~6–7×) — not a 2020-peak number.

Rabobank Acorn

(NL)

Carbon marketplace (bank-backed)

n/a (not standalone)

benchmark

TAKE-RATE

Public ~20% platform take-rate benchmark — sanity-checks the "small % of project value" model.

How this maps to A$15M FEU

▶
GreenCollar A$800M strategic acquisition establishes the Australian precedent — a carbon-developer platform on developer / royalty economics, acquired by an institutional infrastructure investor. Recent, local, on-model.
▶
Inari Agriculture US$2.17B validates billion-scale outcomes for credible asset-light platform theses — the same structural pattern FEU operates.
▶
Boomitra validates the revenue-share take model: platforms that retain a minority of project value while partners keep ≥75% — the exact economic shape of FEU.
▶
Sylvera ~6–7× ARR anchors a current, live platform-revenue multiple — the market reference point for natural-capital data platforms today.
▶
Rabobank Acorn ~20% take-rate sanity-checks the platform-economics model — institutional bank-backed carbon-marketplace economics.
▶
FEU’s defensible multiple framing — ~4–7× forward revenue (conservative) · 10–20× scaled platform — with significant growth headroom relative to GreenCollar’s A$800M Australian precedent.
▶
Value FEU’s 20% equity portfolio separately — carried interest in every project entity is incremental upside the multiple alone misses.

GreenCollar A$800M and Inari US$2.17B disclosed; Sylvera ARR / multiple is an estimate; Boomitra valuation undisclosed. Full cited tables in research source files.

Comparables provided for illustrative industry context. Valuation status is shown in-line per peer (disclosed · undisclosed · estimate · benchmark). No comparable transaction implies a forecast, guarantee or promise of outcome for Fresh Earth. FEU A$15M pre-money operates at an early stage relative to the peer set; the forward-revenue multiple framing (4–7× conservative · 10–20× scaled) is offered as scenario-weighted context, not as a target.

SV · 03CCapability matrix · only one platform owns the full stack

Only one platform owns the full stack.

Australian regenerative-agriculture and natural-capital peers offer parts of the model — farming services, asset management, project advisory. Fresh Earth Universe is the only platform that integrates the full stack end-to-end.

Indicative — public informationIndicative · based on public information. Competitor & comparable cells are a positioning assessment, not a verified audit — verify specific cells before publishing.

PlatformC01C02C03C04C05C06C07C08C09C10C11C12C13

Fresh Earth Universe

Australian peers (direct competitors)

Gunn Agri

Impact Ag Australia

SLM Partners

Laguna Bay

Go.Farm

New Agriculture

Warakirri Asset Mgmt

PlatformC01C02C03C04C05C06C07C08C09C10C11C12C13

Global comparables (valuation reference — see SV·03B)

GreenCollar (AU)

Inari Agriculture (US)

Boomitra (US/global)

Sylvera (UK)

Rabobank Acorn (NL)

Fresh Earth Universe capabilityIndicative peer assessmentFresh Earth Universe holds all 13.

Capability key

C01Regenerative farming practices

C02Decentralised ownership

C03Full-stack implementation — evaluation to impact

C04Stacked natural-capital practices

C05Verified natural-capital outcomes

C06Proprietary management-optimisation software

C07Fully integrated proprietary digital MRV (monitoring, reporting & verification)

C08Outcomes compliant across global standards

C09Verified natural-capital outputs (ACCUs etc.)

C10Tokenised land & natural capital outputs, tradable in secondary markets

C11Dynamic daily net asset-value updates

C12Scalable operating model

C13Monetisable SaaS product

How to read this

Other Australian peers compete on parts of the stack — farming services, regenerative practices, asset management. Global comparables anchor the valuation reference set (see SV·03B). Fresh Earth Universe is positioned across the full stack: decentralised ownership, full-stack project implementation, verified outcomes, integrated MRV, global-standards compliance, ACCUs, tokenised asset outputs with secondary-market tradability, daily NAV, scalable operating model and monetisable SaaS. That breadth is what supports the platform-infrastructure framing.

Capability assessments based on publicly available information at time of preparation. Indicative positioning only · not a forecast, guarantee or claim that Fresh Earth will outperform any peer. Specific cells subject to verification before publication.

SV · 04Multiple revenue streams

Fresh Earth is designed with multiple monetisation layers.

Diversified architecture supports the valuation because Fresh Earth is not dependent on a single project, farm or revenue stream. Current and future potential revenue streams below.

#Revenue streamStatus

01Project development feesUnderway · pilot operations

02Measurement, reporting & verification feesUnderway · pilot operations

03Share of project revenuesDesigned · early projects

04Marketplace take-ratesFuture · platform-led

05Software subscriptionsFuture · platform-led

06Regional licencesDesigned · licensee economics with FEAG AUS

07Premium asset salesFuture · scaled operations

08FEVT-related infrastructure feesFuture · subject to FEVT launch readiness

Wording discipline

Revenue streams are current and future potential. Not all streams are live today. The architecture of the model — not present-day revenue — is what supports the platform valuation framing.

Revenue streams are indicative and may depend on execution, regulation, commercial agreements and market adoption.

SV · 05Growth pathway × ROI scenarios

Valuation grows with milestones. ROI scales with the band.

Each step is illustrative — what could happen if delivery proceeds. The bars show valuation ranges; the multipliers show what each band would mean as a return on a A$15M entry. No outcome is guaranteed.

Illustrative · not a forecastBands indicate potential ranges tied to milestone delivery. Subject to dilution, execution and external conditions.

Worked example · A$100,000 entry

A A$100,000 investment at A$15M pre-money represents approximately 0.67% ownership before dilution. If Fresh Earth later reaches a A$75M valuation, that ownership would be worth approximately A$500,000 before dilution. If diluted by 30%, that stake would be approximately 0.47% — worth approximately A$350,000 at A$75M.

FEVT positioning

FEVT is not part of this raise. FEVT does not directly liquidate FEU shares. FEVT may increase FEU’s enterprise value if successfully developed and launched. FEIT is excluded entirely.

Illustrative only. Valuation bands and uplift multipliers are indicative ranges based on milestone delivery. Not a forecast. Not a guarantee. Subject to dilution, market conditions, execution, regulatory factors, investor demand and liquidity availability.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.

SV · 06Potential liquidity pathways

Liquidity may come from platform value, not a single farm sale.

Liquidity has been thought through. This remains an early-stage private company investment. Liquidity is potential, not guaranteed. Six possible pathways below.

Pathway 01

Strategic acquisition

A buyer acquires FEU for its infrastructure, licence model, data, verification, projects and market position.

Pathway 02

Country or regional licence sale

A major licence event may create enterprise value and non-dilutive cash inflows.

Pathway 03

Controlled secondary transfers

Subject to legal settings, governance and buyer eligibility, early shareholders may be able to sell to later-stage investors.

Pathway 04

Tender offers / buybacks

If cashflows and board approvals allow, FEU may explore structured liquidity windows in the future.

Pathway 05

Royalty-stream monetisation

Future contracted licence or royalty streams may be monetised to support shareholder liquidity without selling the core company.

Pathway 06

Public market pathway

If FEU reaches sufficient scale, revenue, governance maturity and market demand, a public listing may become a longer-term option.

Important correction

FEVT NAV-based liquidity is not presented as direct liquidity for FEU shareholders. FEVT may increase FEU’s enterprise value if successfully developed — but it is not part of this raise and does not directly liquidate FEU shares.

No liquidity pathway is guaranteed. Any future liquidity will be subject to company performance, board approval, legal and regulatory requirements, market conditions, investor demand and other risks.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.