10 July 2017 - ST. LOUIS--(BUSINESS WIRE)
NewLeaf Symbiotics announced today the close of a $24MM series C financing round, accelerating plans to convert proven applications of its biotechnology into products for large-scale agriculture. The company’s commitment to tapping the advantages of Methylotrophic bacteria has positioned it as a leader in agricultural biologicals. Monsanto Growth Ventures (MGV) and Otter Capital jointly led the round. Lewis & Clark Ventures participated in the financing, as did Rockport Capital, Pangaea Ventures, Open Prairie Ventures, and other investors.
NewLeaf will use the invested capital to commercialize seed treatment and in-furrow products for soybeans, corn, wheat, peanuts, and other crops. The company is tripling the size of its R&D and pilot production facility in St. Louis and is expanding its proprietary Prescriptive Biologics Knowledgebase™ bioinformatics platform.
“The application of these bacteria in agriculture has tremendous potential to enhance yields and improve plant health,” said MGV Venture Principal Ryan Rakestraw. “We are excited to partner with NewLeaf to support the advancement of this differentiated technology.”
Otter Capital founder John Pasquesi commented, “When Otter led the series B financing round we invested in a very strong team, broad IP, and great field data. The company has made rapid progress and has a deep product pipeline. In our judgment NewLeaf has developed a sustainable technology with immense upside, and the team that has only gotten stronger.”
Source: NewLeaf Symbiotics