US-based plant bacteria product developer NewLeaf Symbiotics yesterday achieved a second close of its series C round, already backed by agrochemical producer Monsanto, at $30m following a $6m extension.
The additional money was supplied by venture fund S2G Ventures. Monsanto, through its investment arm Monsanto Growth Ventures, had co-led a $24m tranche in July 2017 with private equity firm Otter Capital.
The initial close also included Yard Ventures, Lewis & Clark Ventures, Rockport Capital, Pangaea Ventures, Open Prairie Ventures and unnamed investors.
Founded in 2013, NewLeaf is working on beneficial plant bacteria products that have applications in seed treatments for various crops, such as wheat, corn, soybeans and peanuts.
The company is in the process of trebling the size of its R&D and pilot production facility. It is also working on further development of its bioinformatics platform, Prescriptive Biologics Knowledgebase.
The money will go towards the commercialisation of the company’s products.
NewLeaf has raised approximately $54m in equity funding and $4.8m in debt financing to date, according to press releases and regulatory filings. Rockport, Open Prairie and Pangaea backed a $7m series A in 2013 before returning for a $17m series B round led by Otter in 2014.