US-based organics management company Harvest Power, which is backed by waste collection firm Waste Management, has raised $20m in series D funding.
The round was led by venture capital firms True North Venture Partners, Industry Ventures and investment firm Generation Investment Management.
Harvest Power turns waste into renewable energy, soils, mulches and natural fertilisers. The capital will enable the company to accelerate its product development and expansion into new areas.
Kathleen Ligocki, chief executive at Harvest, said: “This injection of capital, combined with our outstanding team, unique competencies, and superior products, will catalyse the next level of growth for our company.”
The funding brings the total raised by the company to $220m. Harvest Power raised $110m in a series C round in 2012 from investment firm American Refining and Biochemical, True North Ventures, Kleiner Perkins Caufield & Byers, DAG Ventures and Generation Investment Management.
Waste Management and SAM Private Equity, a division of Switzerland-based banking group Rabobank, both contributed to Harvest’s $58m series B round in 2011. Keating Capital, Munich Venture Partners and TriplePoint Capital are also past investors.
Waste Management first invested in the company in 2010, signing a strategic agreement with Harvest following its $18m series A round.