Groundwork BioAg Closes Series B Investment Round
Groundwork’s highly-effective mycorrhizal inoculants heralded as breakthrough in rapidly-growing bioagriculture market
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.”