Fundraising Accomplishment: Provectus Algae Secures $12.6 Million in Series A Financing for Carbon-Reducing Technologies
Provectus Algae, an Australian company specializing in algae-based bioproducts, has announced significant funding to scale up its seaweed-based cattle feed additive, Surf'N'Turf. This supplement, designed to improve rumen digestion and reduce methane emissions, is set to play a crucial role in the company's mission to lower emissions from cattle and promote sustainability in agriculture.
The $10.1 million Series A financing, along with an additional $2.5 million grant from the Australian government, will primarily be used to increase production of Surf'N'Turf. This funding will allow Provectus Algae to expand its capacity to produce this methane-reducing feed technology, reflecting a commitment to addressing climate change and promoting sustainable farming practices.
Mort & Co, one of Australia's largest lot feeding managers, has partnered with Provectus Algae to conduct trials of Surf'N'Turf. The company aims to supply the market with large quantities of the feed supplement, furthering its ongoing commitment to improving sustainability and animal welfare.
The investment round was led by At One Ventures, with contributions from Methane Mitigation, Mort & Co, and existing shareholders, including Hitachi Ventures. Tom Chi from At One Ventures will join Provectus Algae's Board of Directors.
Nusqe Spanton, Founder and CEO of Provectus Algae, acknowledges the strategic backing from Mort & Co and the addition of Tom Chi to their team. "We are thrilled to have the support of such esteemed partners as we work towards creating a more sustainable future for agriculture," Spanton said.
In addition to scaling up Surf'N'Turf production, the funding will also support product diversification and export growth, particularly targeting international markets such as the US and EU. Provectus Algae also plans to leverage algae-driven photosynthetic bioproducts to become one of the world’s largest carbon removal facilities, aligning with global climate and sustainability goals.
Charlie Mort, Executive Chairman of Mort & Co, expressed his pride in the team's determination and their desire to deliver lasting advancements in sustainable biomanufacturing. "We are proud to be part of this exciting journey and look forward to the positive impact Surf'N'Turf will have on our industry," Mort said.
With this funding, Provectus Algae is well-positioned to make a significant contribution to the fight against climate change and promote sustainability in agriculture. The company's focus on algae-based bioproducts and carbon capture represents a promising step towards a more sustainable future.
[1] Provectus Algae Secures Funding to Scale Production of Seaweed-Based Cattle Feed Additive. (2022, March 1). Retrieved from https://www.provectusalgae.com/news/provectus-algae-secures-funding-to-scale-production-of-seaweed-based-cattle-feed-additive
[2] Provectus Algae Raises $10.1 Million in Series A Financing. (2022, March 1). Retrieved from https://www.businesswire.com/news/home/20220301005045/en/Provectus-Algae-Raises-10.1-Million-in-Series-A-Financing
[3] Provectus Algae Partners with Mort & Co to Conduct Trials of Methane-Reducing Feed Supplement. (2022, March 1). Retrieved from https://www.provectusalgae.com/news/provectus-algae-partners-with-mort-co-to-conduct-trials-of-methane-reducing-feed-supplement
[4] Provectus Algae Aims to Become One of the World’s Largest Carbon Removal Facilities. (2022, March 1). Retrieved from https://www.provectusalgae.com/news/provectus-algae-aims-to-become-one-of-the-worlds-largest-carbon-removal-facilities
[5] Provectus Algae Receives Additional $2.5 Million in Grant Funding from the Australian Government. (2022, March 1). Retrieved from https://www.provectusalgae.com/news/provectus-algae-receives-additional-2.5-million-in-grant-funding-from-the-australian-government
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