Cool Planet has achieved the first close of a new financing round to commercialize the company’s Cool Terra Engineered Biocarbon business.
The Cool Terra Engineered Biocarbon platform helps improve soil health while sequestering carbon in the soil. The innovative product is now in commercial deployment, with announcements earlier this year that J.R. Simplot and Triangle Chemical Company signed on as partners for its development and distribution.
This $9 million in funding follows a previous $9-million round from Cool Planet’s existing investors, the final tranche of which closed in January of 2016. Agustín Coppel, who is co-leading this round, will now have a representative on the Cool Planet board of directors.
North Bridge Venture Partners, which has invested in every financing of Cool Planet since the company’s founding, co-anchored the $9-million raise alongside Mr. Coppel. The current round remains open for other existing and new financial and strategic agricultural investors to come into the company to help achieve Cool Planet’s tremendous potential in improving soil health, increasing water and nutritional efficiency, and delivering microbials, biologicals, and nutritionals. This most recent funding follows the announcement of Cool Planet’s board promoting Jim Loar to president & CEO of the company’s agricultural subsidiary.