1855 Capital has backed a $10.3m round for the fertiliser assistance product developer that included Maumee Ventures and Tekfen Ventures.
US-based sustainable fertiliser developer Phospholutions has raised $10.3m in a series A round backed by Pennsylvania State University-affiliated fund 1855 Capital.
Agribusiness Continental Grain Company’s corporate venturing unit, CGC Ventures, led the round.
Maumee Ventures and Tekfen Ventures also took part in the round, on behalf of agribusiness The Andersons and conglomerate Tekfen respectively, along with venture capital firm Ag Ventures Alliance Cooperative.
Phospholutions has developed a soil-enhancement product known as RhizoSorb to improve the efficiency of fertilisers. It will use the A funding to build out its farmer network, having previously secured up to $1.5m in a mid-2019 seed round co-led by Maumee Ventures and 1855 Capital.
Chris Abbott, head of CGC Ventures, said: “Phospholutions has the potential to solve systemic issues around fertiliser application in several key crops.
“We are excited to partner with the Phospholutions team to help commercialise this technology globally, which we believe will positively impact key issues around soil health, water quality and grower profitability.”
– A version of this article first appeared on our sister site, Global Corporate Venturing.
