St. Louis, USA-based developer of pink-pigmented facultative methylotrophs (PPFMs) NewLeaf Symbiotics closed its Series D financing with USD 45 million. The company announced the investment on December 19, 2023. Gullspång Re:food led the financing for the company. Meanwhile, Otter Capital Partners LP, S2G Ventures, Leaps by Bayer and others also joined in the financing.
As a part of the deal, lead investor Peter Odemark, Managing Director of Re:food, will join NewLeaf’s Board of Directors.
Purpose of financing for NewLeaf Symbiotics
With the recent proceeds, NewLeaf seeks to accelerate its efforts with PPFM technology. It also seeks to further advance its adjacent technologies in the areas of biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency, and methane mitigation. For the year 2024, it plans to include a new EPA-registered biopesticide technology shown to repel corn rootworms in corn plants and new biostimulant technologies for peanuts and cotton. Meanwhile, the company seeks to fund continued research and development around rice yield, nitrogen efficiency, and the impact of methane reduction.
NewLeaf focuses on its mission to help growers do more with less as they work to feed the world’s increasing population.
What the company’s official has to add
Brent Smith, CEO and President of NewLeaf Symbiotics said, “This round of funding is a testament to the science-led, proven performance of NewLeaf PPFM technology. Our team’s strong work positions us for growth and continuous discovery of the capability Pink Performance delivers in the field. We will see this momentum move us into 2024 and beyond through more crops, expanded geographies and increased acreage.”
What the investors have to comment
Peter Odemark, Managing Director of Re:food, said, “NewLeaf is an ideal match for the Re:food portfolio. Farmers across the globe face increasing challenges every season, and PPFM technology can support them in finding sustainable solutions to positively impact the way food is produced. There are still more opportunities to uncover, and we’re thrilled to be a part of the journey.”
About the company
Thomas Laurita in 1999 launched the company. NewLeaf Symbiotics is an agricultural biotech pioneer focusing on the discovery, development, production as well as commercialization of products containing a genus of beneficial microbes that are ubiquitous and also naturally symbiotic with plants. The pioneer and global leader of pink-pigmented facultative methylotrophs (PPFMs), NewLeaf’s technology outcomes include increased yield potential as well as sustainability indicators. Headquartered in the Ag Innovation capital of St. Louis, NewLeaf has filed more than 200 patents and patent applications and introduced its first biostimulant products for corn and soy in the United States.
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