Cool Planet, a Greenwood Village, Colo.-based agtech company focused on soil health solutions, closed on an additional $20.3m of new investment and note conversion.
This financing is an extension of the company’s previously announced Series A funding, and is being led by existing investors Agustín Coppel and North Bridge Venture Partners.
The company intends to use the funds to increase overall production of Cool Terra®, to immediately begin construction of its commercial production facility in Alexandria, LA that will serve as its manufacturing hub, to continue to invest in the R&D and commercialization of its Engineered Biocarbon™ technology for other diverse agriculture sectors such as animal nutrition, biologicals, and early-plant establishment, and to bring additional products to market.
Cool Planet expects to begin production at the new facility in the summer of 2019.
Led by Jim Loar, President and CEO, Cool Planet develops and markets Engineered Biocarbon™ technology products for soil health. The company’s first commercial product line is Cool Terra®, a carbon negative soil amendment, which works to improve key soil performance characteristics for plant growth and quality. It is working across a wide variety of industries with hundreds of customers such as conventional and organic growers, city park departments, professional sports teams, universities, and golf courses, including several that have hosted PGA Tour Championships.