Venture Capital News: Harvest Power Inks Additional $15M in Series C
WALTHAM, MA, Leader in maximizing the value of organic materials, today announced a $15 million extension to its Series C financing round.
Harvest Power, a leader in maximizing the value of organic materials, today announced a $15 million extension to its Series C financing round. Piper Jaffray led the extension with Tur Partners and Industry Ventures also participating, bringing Harvest's Series C capital-raise to $125 million in total. Harvest will use the investment to continue to expand its business of producing renewable energy and compost-based fertilizers from organic materials.
"We are pleased to have raised $125 million this year, one of the largest capital-raises in the cleantech category," said Paul Sellew, CEO of Harvest. "Harvest is pleased to welcome Piper Jaffray and our other new partners to help accelerate our growth. Harvest has become the face of organics management in North America. Through our proven technologies and strong roster of partners, we have revolutionized the way people in North America view organics: as valuable resources."
Demand for Harvest's approach has increased significantly over the last year. Communities increasingly want to attain the maximum value from their food scraps and yard trimmings, a service Harvest provides by processing organics, producing renewable energy, and providing natural fertilizers and soil amendments.
"Harvest is rapidly building an industry leadership position, extracting more value from the organics waste stream through the application of technology, capital and superior operations," said Thomas Schnettler, Co-CEO of PJC Capital Management LLC, an affiliate of Piper Jaffray. "We are pleased to provide additional capital to the management at Harvest to advance its strategic plan."
True North Venture Partners led the initial $110 million financing alongside existing investors including Kleiner Perkins Caufield & Byers (KPCB), DAG Ventures and Generation Investment Management among others.
Founded in 2008, Harvest is a pioneer and leader in harnessing energy and nutrient-rich soils from organic materials. The company expects to complete construction this year on the two largest anaerobic digestion facilities in North America.
About Harvest Power
Harvest harnesses the maximum value from organic materials through the production of renewable energy and soils, mulches and natural fertilizers. Harvest's vision is to find the highest and best use for the 500 million tons of organic materials produced in North America each year. The company operates organics facilities in the Mid-Atlantic and West Coast of the US, and in Ontario and British Columbia, Canada. Harvest has grown rapidly since its founding in 2008 and has garnered awards for its business of energy generation and soil revitalization: the company was twice named to the Cleantech 100 Top Global Cleantech companies, designated "Emerging Company of the Year" by the New England Clean Energy Council, and received a KPMG award for "Top Infrastructure Project" in the world in 2012.
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