Moshav Mazor, Israel
September 9, 2015
Groundwork BioAg Ltd., a manufacturer of mycorrhizal inoculants for agriculture, has announced the closing of its Series B round of financing, for an undisclosed amount. The round included previous investor ICV, as well as Middleland Capital's agriculture technology venture fund, SRK Management Company, and F&C Climate Opportunity Partners.
Mycorrhiza, a natural symbiosis between fungi and plants, improves nutrient uptake in over 90% of all plant species. Some plants, notably corn, require mycorrhiza to grow optimally. Mycorrhizal inoculants increase crop yields, reduce fertilizer requirements, and repel soil-borne pathogens. Groundwork's uniquely vigorous and highly-concentrated products are based on exclusively-licensed technology from Israel's Agricultural Research Organization (Volcani Center). Recent field trials conducted over several soil types and varieties of corn have demonstrated consistently positive results with a double-digit average yield increase. Similarly, significant yield increases and mortality rate reductions have been demonstrated in bell pepper, banana, sunflower and potato. Groundwork was selected to present its technology at the Ag Innovation Showcase, September 14-16, St. Louis, MO, USA.
Jack Levy, Partner at ICV and Director at Groundwork BioAg, stated, "We are pleased to invest in Groundwork once again and to continue our partnership with this talented and seasoned founding team. Their experience in scaling companies in dynamic environments has helped them successfully ramp up their technology development, production capabilities and sales channels quickly and effectively." Brian Mixer, Investment Director at Middleland Capital who joined Groundwork's Board of Directors, added, "Groundwork presents a compelling investment opportunity and complements our diverse agricultural portfolio. Groundwork's uniquely effective and environmentally-sound products have the potential to disrupt the rapidly growing, multi-billion dollar, bioagriculture market."
Dr. Yossi Kofman, Groundwork's CEO, elaborates, "Groundwork's products are 10-100 times more potent than most other competitive products. For the first time, highly-effective mycorrhizal inoculants are suitable to the price points and application methods of major row crops, including corn and soybean."
About Groundwork BioAg Ltd.:
Groundwork BioAg develops, produces and commercializes highly-effective mycorrhizal inoculants for mainstream agriculture. Natural mycorrhizal fungi help 90% of all plants to absorb soil nutrients. When applied to agriculture, mycorrhizal inoculants increase crop yields, reduce fertilizer requirements, and repel soil-borne pathogens. Groundwork's uniquely vigorous and highly-concentrated products have demonstrated double-digit yield increases in several major crops. The company operates within the high-growth, multi-billion-dollar bioagriculture market and is currently earning initial revenues in several countries. For more information, please visit http://www.groundworkbioag.com.
About ICV:
Established in 2006, ICV is the leading venture capital firm dedicated to partnering with exceptional entrepreneurs in Israel building businesses that leverage technology to enhance sustainability. ICV currently manages over $150M in two funds and has completed more than 20 investments. ICV funds are backed by leading institutional investors, multinational corporations and family offices in Europe, the US and Israel. For more information, please visit http://www.icv.vc.
About Middleland Capital:
Middleland Capital is a private investment firm focused on global early-stage technology opportunities. Leveraging a unique breadth of geographic and industry experience, the firm seeks long-term partnerships with exceptional management teams to commercialize innovative technologies, accelerate growth and build long-term value around the world. For more information, please visit http://www.middlelandcap.com.
About F&C Climate Opportunity Partners:
F&C Climate Opportunity Partners LP is a fund managed by the 11-member BMO Global Asset Management (EMEA) Private Equity team, through F&C Investment Business Limited, which is authorised and regulated by the Financial Conduct Authority. The BMO Global Asset Management (EMEA) Private Equity team has over 140 years of combined investment experience and a top quartile track record. The team is part of the BMO Financial Group, which had over $250B Assets Under Management as at 30 April 2015. For more information, please visit https://www.bmo.com/gam/about-us/g/overview and http://www.bmogam.com/privateequity.
About SRK Management Company:
SRK Management Company is a private investment firm. The firm is based in New York and was founded by Sidney Knafel, Managing Partner.
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