NewLeaf Symbiotics, a global leader in pink-pigmented facultative methylotrophs (PPFMs), has successfully closed a fully funded Series D financing round, securing $45 million. The round was led by new investor Gullspång Re:food, with participation from Otter Capital Partners LP, S2G Ventures, Leaps by Bayer, and other investors.
Over the past three years, NewLeaf has experienced significant growth with its PPFM technology, leading to a substantial increase in product shipments for corn and soy acres. The company’s product-applied footprint expanded from around 800,000 acres in crop year 2022 to 3.5 million acres in crop year 2023, with a projected nearly 11 million acres in crop year 2024.
The newly raised funds will enable NewLeaf to accelerate its efforts in PPFM technology and related areas, including biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency, and methane mitigation. Plans for 2024 include the introduction of a new EPA-registered biopesticide technology designed to repel corn rootworm in corn plants. Additionally, the company will focus on developing new biostimulant technologies for peanut and cotton, while continuing research and development for rice yield, nitrogen efficiency, and methane reduction.
NewLeaf remains committed to its mission of helping growers achieve more with less, particularly as they face challenges in feeding the world’s growing population. The company has attracted attention for its science-led approach and the proven performance of its PPFM technology.
Peter Odemark, Managing Director of Re:food and lead investor in the fundraising round, expressed excitement about NewLeaf’s potential to support farmers in finding sustainable solutions to challenges in food production. Odemark will also join NewLeaf’s Board of Directors.
Brent Smith, CEO and President of NewLeaf Symbiotics, emphasized that the funding round is a testament to the scientific credibility and proven performance of NewLeaf’s PPFM technology. The company aims to capitalize on this momentum, expanding into new crops, geographies, and increased acreage in the coming years.