US-based agriculture technology provider TerViva has secured $20m from investors including agricultural land manager Evans Properties for the first close of its series D round.
Jeremy and Hannelore Grantham Environmental Trust, Elemental Excelerator, Yield Lab, Astia Angels and Allotrope Partners also took part in the round, along with private investor Howard Fischer and undisclosed agricultural family offices.
Founded in 2010, TerViva produces pongamia trees which herald beans it claims provide more vegetable oil, biofuel and protein than soybeans. It will invest the proceeds from the round in strengthening its supply chain capabilities and expanding its research.
Ron Edwards, president and CEO of Evans Properties, is TerViva’s chairman. He said: “TerViva will invest this series D fundraising support alongside Florida’s citrus growers eager to revitalise fallow acreage and scale-up a sustainable, transparent oilseed supply chain.
“This will unlock numerous applications of the company’s intellectual property growing high-performing trees and processing beans in to nutritious food and feed products to meet a broad range of needs.”
TerViva had previously raised a total of approximately $22m in funding according to securities filings, including $3.9m in a round that closed in mid-2017, for which Evans Properties led a $2m first tranche in 2015.
