Israeli agtech firm, Groundwork BioAg, has closed on a Series B round of fundraising of an undisclosed amount. The round included a previous investor in the firm, ICV, along with Middleland Capital’s agriculture technology venture fund, F&C Climate Opportunity Partners, and SRK Management Company.

 

Groundwork BioAg manufactures mycorrhizal inoculants, which are made through a natural symbiosis between fungi and plants. The inoculants are used agriculturally to improve nutrient uptake in crops, increase yields, reduce fertilizer inputs and reduce harmful soil-borne pathogens.

 

Groundwork’s concentrated inoculants have been developed through exclusively licensed technology from Israel’s Agricultural Research Organization – the Volcani Center, and field trials conducted using the inoculants on multiple varieties of corn in several different soil types, have resulted in double digit yield increases. Positive field results of increased yields and lower disease rates have also been reported in trials involving bananas, bell peppers, sunflowers, and potatoes.

 

Groundwork BioAg is currently earning initial revenues in multiple countries through the adoption of its innovative bioagricultural product. Dr. Yossi Kofman, chief executive of Groundwork adds in a recent release, "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."

 

Commenting on the potential that Groundwork’s inoculant technology has, Investment Director at Middleland Capital and Groundwork BioAg board member, Brian Mixer states, "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."