Harvest Power, a US-based provider of renewable energy and fertilizer products from organic waste formerly known as Bekon Energy North American, has raised $51.7m in its series B round from a consortium including New York-listed garbage disposal company Waste Management.
Waste Management had previously invested in Harvest in January last year, a month after a regulatory filing said the portfolio company closed a $10m round.
Venture capital firm Generation Investment Management led the B round, and was joined by peers DAG Ventures, Keating Ventures, Kleiner Perkins Caufield & Byers, Munich Venture Partners and TriplePoint Capital.
Harvest provides organic waste management, from building and operating large-scale organics recycling facilities to marketing compost products, and develops high-solids aerobic and anaerobic digestion and composting technologies, which accelerate the decomposition of organic materials to produce renewable energy.
Last year, Tim Cesarek, managing director of organic growth at Waste Management and a director at Harvest, said: "Combining Waste Management’s industry leadership and expertise in the collection and management of a wide range of segmented waste streams with Harvest’s leading technologies and industry knowledge will be key to developing new, higher value added end markets for organic materials and accelerating the growth of organics recycling across North America."
North America creates more than 180 million tons of organic waste each year.