Harvest Power, a US-based waste-to-energy technology producer backed by waste services provider Waste Management, raised $20m from True North Venture Partners, Industry Ventures and Generation Investment Management yesterday.
Founded in 2008, Harvest helps companies convert their organic waste into renewable energy, soils, mulches and fertilisers. The latest funding will support a five-year growth plan that will involve “significantly” scaling Harvest’s organics business and launching new food waste management and renewable energy programs.
Harvest Power has now raised more than $240m in funding since it was formed, $110m of which came from a 2012 series C round featuring True North, Generation Investment Management, American Refining and Biochemical, Kleiner Perkins Caufield & Byers (KPCB) and Dag Ventures.
Waste Management invested an undisclosed sum in Harvest in 2010 alongside KPCB and Munich Venture Partners, before returning for a $58m series B round that included Sam Private Equity.
Existing investors in Harvest also include Keating Capital and TriplePoint Capital.