US-based sustainable fertiliser developer Phospholutions has raised $10.3m in a series A round led by agribusiness Continental Grain Company’s corporate venturing unit, CGC Ventures.
Maumee Ventures and Tekfen Ventures also took part in the round, on behalf of agribusiness The Andersons and conglomerate Tekfen respectively, along with venture capital firm Ag Ventures Alliance Cooperative and Penn State University-affiliated fund 1855 Capital.
Phospholutions has developed a soil-enhancement product known as RhizoSorb to improve the efficiency of fertilisers. It will use the A funding to build out its farmer network, having previously secured up to $1.5m in a mid-2019 seed round co-led by Maumee Ventures and 1855 Capital.
Chris Abbott, head of CGC Ventures, said: “Phospholutions has the potential to solve systemic issues around fertiliser application in several key crops.
“We are excited to partner with the Phospholutions team to help commercialise this technology globally, which we believe will positively impact key issues around soil health, water quality and grower profitability.”
