NewLeaf Symbiotics closes $45M series D round, continues growth trajectory

NewLeaf Symbiotics, global leader and pioneer of pink-pigmented facultative methylotrophs (PPFMs), announces the fully funded close of its series D financing round, totaling $45 million. This round was led by new investor Gullspång Re:food and followed by Otter Capital Partners LP, S2G Ventures, Leaps by Bayer and others.

NewLeaf gained tremendous growth over the past three years with its PPFM technology, significantly increasing in product shipments for corn and soy acres. The market saw NewLeaf's product-applied footprint increase from approximately 800,000 acres in crop year 2022 to 3.5 million acres in crop year 2023, with a projected nearly 11 million acres in crop year 2024.

With this funding, NewLeaf will accelerate its efforts with PPFM technology and adjacent technologies in the areas of biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency and methane mitigation. Its plans for 2024 include a new EPA-registered biopesticide technology shown to repel corn rootworm in corn plants, new biostimulant technologies for peanut and cotton, and continued research and development around rice yield, nitrogen efficiency and methane reduction impact. NewLeaf remains focused on its mission to help growers do more with less as they work to feed the world's increasing population.

As lead investor on this fundraising round, Peter Odemark, Managing Director of Re:food, will also take a seat on NewLeaf's Board of Directors. "NewLeaf is an ideal match for the Re:food portfolio," says Odemark. "Farmers across the globe face increasing challenges every season, and PPFM technology can support them in finding sustainable solutions to positively impact the way food is produced. There are still more opportunities to uncover, and we're thrilled to be a part of the journey."

"This round of funding is a testament to the science-led, proven performance of NewLeaf PPFM technology," says Brent Smith, CEO and President of NewLeaf Symbiotics. "Our team's strong work positions us for growth and continuous discovery of the capability Pink Performance delivers in the field. We will see this momentum move us into 2024 and beyond through more crops, expanded geographies and increased acreage."