Phospholutions, a State College, PA-based developer of sustainable fertilizer technology, raised $10.15M in funding.
The round was led by Advantage Capital and includes continued investment from Conti Ventures (a division of Continental Grain Company), Tekfen Ventures, Maumee Ventures, Ben Franklin Technology Partners and Keytrade.
The company intends to use the funds to accelerate the commercialization of RhizoSorb® in the US row crop market.
Phospholutions aims to enhance global phosphorus use to support global food demands. RhizoSorb, a patented technology incorporated upstream into the production process for conventional phosphates, reduces phosphorus applications by up to 50%, maintaining yield and improving retail margins while providing a cost savings benefit to the farmer. RhizoSorb is proven to deliver the same amount of phosphorus to the plant with half the amount of applied fertilizer. The company launched RhizoSorb® 8-39-0 in the U.S. row crop market this past spring and has added 3 new Regional Managers and a Director of Agronomy to support sales to ag retailers in North America.
RhizoSorb has been proven to benefit farmers in five countries outside the US including India, New Zealand, and Turkey. The company will be expanding field trials into China, Brazil, and Canada during the 2024 growing season.
FinSMEs
17/08/2023