Harvest Power, a US-based renewable energy, soil and fertiliser company backed by corporate venturing units, has extended its series C round by $15m to $125m.
Investment bank Piper Jaffray led the C round extension, and was joined by venture capital firms Tur Partners and Industry Ventures.
Thomas Schnettler, co-chief executive of PJC Capital Management, an quasi-corporate venturing affiliate of Piper Jaffray, said: “Harvest is rapidly building an industry leadership position, extracting more value from the organics waste stream through the application of technology, capital and superior operations.”
In April, US-based oil refining company American Refining and Biochemical helped Harvest Power raise an initial $110m.
Other backers of the round were venture firms True North Venture Partners, Kleiner Perkins Caufield & Byers, DAG Ventures, Generation Investment Management. US-based bank Goldman Sachs acted as placement agent for the round.
Harvest’s past backers include the US-based waste collection firm Waste Management and SAM Private Equity, a division of the Switzerland-based banking group Rabobank. Both contributed to Harvest’s $58m series B round, which closed in May last year.
Other companies to contribute to Harvest’s past funding include Keating Capital, Munich Venture Partners and TriplePoint Capital.
Waste Management originally came on board in January 2010, signing a strategic agreement with Harvest in the aftermath of an $18m series A round. The round closed in December 2009 and involved KPCB and Munich, both of which invested further following Waste Management’s investment. Harvest raised an additional $7.5m in debt financing from unnamed sources, in November 2010.
Harvest recycles energy and nutrients harnessed from landfills into renewable energy as well as soils, mulches and fertilisers.