Groundwork BioAg completes $18 million Series B round to decarbonize mainstream agriculture
The company leverages the natural power of mycorrhizal fungi to improve the productivity and profitability of commercial agriculture.
Groundwork BioAg, an Israeli startup that produces mycorrhizal inoculants to help with mainstream agriculture, has announced that it completed an $18 million Series B round. The round was led by Climate Innovation Capital (ClimateIC) with participation from HSBC Global Asset Management (HSBC), BASF Venture Capital, and climate-focused fund Edaphon. There was also an individual investor, Co-Founder and former CEO of Boston Scientific, John Abele.
“Building upon our proven science and trusted network of distributors, Groundwork BioAg’s Mycorrhizal BioPlatform, which delivers ROI to both conventional and regenerative farmers while permanently sequestering carbon in their fields, is uniquely positioned to help farmers around the world manage mounting economic and environmental pressures,” said Dr. Yossi Kofman, Co-Founder and CEO of Groundwork BioAg.
Groundwork BioAg’s Mycorrhizal BioPlatform is based on naturally robust strains of mycorrhizal fungi that are symbiotic with 90% of plant species, helping improve the efficiency of crop production including corn, soybean, grains, fruits, and vegetables. It can easily integrate into local planting regimes and fertility programs and has established commercial operations in areas such as the United States, Brazil, China, India, Canada, Ukraine and other countries in Europe, and well as Asia and Africa.
“We search for commercial solutions that can deliver the greatest amount of decarbonization in the shortest period of time, and Groundwork BioAg fits that profile squarely,” said Nelson Switzer, Co-Founder and Managing Partner of ClimateIC. “Groundwork BioAg has the technology, team, expertise and network to help farmers leverage a cost-effective solution to reduce fertilizer use, increase crop yield and restore soil health while mitigating and sequestering an extraordinary measure of carbon.”
The news follows the company’s $11 million raise last year and it is understood the new round will help Groundwork BioAg expand farmers’ access to its Mycorrhizal BioPlatform globally.
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“As demand for nature-based, climate solutions accelerates, investing in businesses with a strong potential climate impact is aligned with HSBC sustainability goals,” said Idan Mor, Investment Director, Climate Technology Ventures for HSBC. Markus Solibieda, Managing Director of BASF Venture Capital GmbH, added: "Groundwork BioAg's founders have developed a highly effective product for widespread use in agriculture that can substantially reduce fertilizer dependency by making phosphorus available to the plant roots.”
Groundwork BioAg leverages the natural power of mycorrhizal fungi to improve the productivity, sustainability, and profitability of commercial agriculture. ClimateIC is a growth fund investing in technology and services focused on climate change. It funds and grows innovations with the greatest potential for decarbonization.
