US-based renewable energy company Harvest Power acquired US-based soil and mulch company Coastal Supply yesterday, following a $1.3m influx of funding from undisclosed investors.
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.
Other companies to contribute to Harvest’s funding include investment firm Generation Investment Management, and venture capital firms Kleiner Perkins Caufield Byers (KPCB), DAG Ventures, 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. Coastal Supply operates its own network of facilities which produce bagged soils, mulch and stone for sale to garden supply retailers and will add to Harvest’s output in that area.