NewLeaf Symbiotics, a leader in the agricultural technology sector, recently announced the successful closure of its Series D financing round, amassing $45 million. This milestone was led by the new investor Gullspång Re:food, with substantial contributions from Otter Capital Partners LP, S2G Ventures, Leaps by Bayer, and others.
In the last three years, NewLeaf has revolutionized the agricultural industry with its groundbreaking pink-pigmented facultative methylotrophs (PPFMs) technology. This innovation has led to a significant increase in product shipments, especially for corn and soy crops. The company's product-applied footprint expanded from around 800,000 acres in 2022 to an impressive 3.5 million acres in 2023. Looking forward, NewLeaf projects its influence to reach nearly 11 million acres by 2024.
The fresh infusion of capital will enable NewLeaf to further accelerate its research and development in PPFM and adjacent technologies. These areas include biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency, and methane mitigation. Ambitious plans for 2024 include introducing a new EPA-registered biopesticide to combat corn rootworm, developing new biostimulant technologies for peanuts and cotton, and advancing research in rice yield enhancement, nitrogen efficiency, and methane reduction.
Peter Odemark, Managing Director of Gullspång Re:food, will join NewLeaf’s Board of Directors as the lead investor of this fundraising round. Odemark highlights the alignment of NewLeaf's PPFM technology with Re:food's portfolio, emphasizing the technology's potential to offer sustainable solutions to global agricultural challenges.
Brent Smith, CEO and President of NewLeaf Symbiotics, expressed confidence in the company's science-led approach and its proven performance. He envisions the recent funding as a catalyst for growth and innovation in the field, extending NewLeaf's influence to more crops, geographies, and acreage.
NewLeaf Symbiotics stands at the forefront of agricultural technology, committed to its mission of supporting farmers globally in producing food sustainably. This latest financing round marks a significant step towards achieving this goal, promising a future where technology and agriculture coalesce for the betterment of the planet and its inhabitants.