NewLeaf Symbiotics – a global leader and pioneer of pink-pigmented facultative methylotrophs (PPFMs) – recently announced the fully funded close of its series D financing round, totaling $45 million. This funding round was led by new investor Gullspång Re:food and followed by Otter Capital Partners LP, S2G Ventures, Leaps by Bayer and others.
NewLeaf saw tremendous growth over the past three years with its PPFM technology, significantly increasing product shipments for corn and soy acres. And the market saw NewLeaf’s product-applied footprint increase from about 800,000 acres in crop year 2022 to 3.5 million acres in crop year 2023, with a projected nearly 11 million acres in crop year 2024.
With this funding round, NewLeaf will accelerate its efforts with PPFM technology and adjacent technologies in biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency, and methane mitigation. And its plans for 2024 include a new EPA-registered biopesticide technology shown to repel corn rootworms in corn plants, new biostimulant technologies for peanut and cotton, and continued research and development around rice yield, nitrogen efficiency and methane reduction impact. NewLeaf remains focused on its goal to help growers do more with less as they work to feed the world’s increasing population.
As lead investor on this fundraising round, Re:food managing director Peter Odemark will also take a seat on NewLeaf’s Board of Directors.
KEY QUOTES:
“NewLeaf is an ideal match for the Re:food portfolio. Farmers across the globe face increasing challenges every season, and PPFM technology can support them in finding sustainable solutions to positively impact the way food is produced. There are still more opportunities to uncover, and we’re thrilled to be a part of the journey.”
- Re:food managing director Peter Odemark
“This round of funding is a testament to the science-led, proven performance of NewLeaf PPFM technology. Our team’s strong work positions us for growth and continuous discovery of the capability Pink Performance delivers in the field. We will see this momentum move us into 2024 and beyond through more crops, expanded geographies and increased acreage.”
- Brent Smith, CEO and President of NewLeaf Symbiotics
