Anuvia Plant Nutrients, a US-based organic fertiliser producer backed by property management firm Evans Properties and corporate joint venture AIS-JV, secured $103m in series C funding yesterday.
The round was co-led by TPG Alternative & Renewable Technologies (TPG ART), a subsidiary of private equity group TPG, and venture capital firm Pontifax Global Food and Agriculture Technology Fund, and also featured Generate Capital and Piva Capital.
Founded in 2005, Anuvia provides fertiliser made from organic and sustainable materials for use in agriculture and lawncare industries. Its products bind organic waste with inorganic nutrients which are released slowly to reduce the loss of nutrients in soil and improve the efficiency of plant feeding.
Amy Yoder, chief executive of Anuvia, said: “By achieving meaningful and immediate reductions in greenhouse gases in crop production, Anuvia is helping to bring Scope 3 (a classification of greenhouse gas emissions) sustainability targets into focus.
“The immediate [return on investment] for farmers is driving fast adoption of our technology, accelerating the benefits to the entire food value chain.”
The funding will go toward increasing Anuvia’s production capacity and commercialisation of its nutrient delivery technology. It had previously closed $55.8m from undisclosed investors in June 2020, according to a regulatory filing.
In 2016, the company received $23m from a consortium led by TPG ART that included Evans Properties and AIS-JV, a joint venture co-founded by micronutrients producer Agro-Iron and industrial chemicals provider Shrieve Chemical Company.
Osceola Capital Management, Pontifax AgTech and Florida Opportunity Fund also participated in the 2016 round.