US-based plant nutrient producer Anuvia Plant Nutrients raised $23m from a consortium including agricultural and land management company Evans Properties and corporate joint venture AIS-JV yesterday.
The round was led by TPG Alternative & Renewable Technologies (TPG ART), a subsidiary of private equity group TPG, and filled out by private equity firm Osceola Capital Management, growth capital fund Pontifax AgTech and Florida Opportunity Fund.
AIS-JV is a specialist vehicle co-founded by micronutrients, real estate and mining group Agro-Iron and industrial chemicals producer Shrieve Chemical Company.
Founded in 2005, Anuvia is working on an efficient fertiliser for the turf and agricultural industries that is made from organic waste materials. The capital will support international expansion and the development of a liquid product.
The company will also put funding toward project development of a second fertiliser production facility, following the opening of its first plant in Florida in April this year.
Anuvia has not released details of earlier funding but TPG ART, Agro-Iron and Shrieve all participated as existing investors.