Investors recently took a bet on Albuquerque-based Terra Vera Corp., an Albuquerque agricultural-tech company that announced the close of a $2 million seed round last week.
The company's platform uses the same type of technology used by Miox, an Albuquerque company that uses electrolysis to purify water. By applying the same type of technology to agriculture, Terra Vera can kill mildew, viruses and bacteria on plants, leading to higher yields and saving money, Business First reported.
The raise oversold by 33%, according to the company. Terra Vera will use the seed funding for a national commercialization effort. It had "very limited availability of the product in a number of states" but is now expanding to the east and west coasts, CEO Carlos Perea told Business First.
“Our company’s accelerated growth and expansion along with this successful, oversubscribed fundraising round reflects investors’ confidence in our capability to transform these industries by offering environmentally conscious solutions to eradicate unwanted pathogens and increase product safety," he said in a statement.
Terra Vera was founded about one year ago and aims to replace conventional pesticides. Pesticides have the potential to "contaminate soil, water, turf, and other vegetation," according to the National Institutes of Health.
Will Raap is one of the investors in the round and the founder and chairman at Gardener's Supply Company. He said he invested in Terra Vera because of a focus on minimizing negative impacts and maximizing the upside of agricultural solutions by "figuring out biological analogues to manage the problems" in a way that takes into account other parts of the ecosystem. Raap said he invested about $100,000 as part of the round.
Terra Vera claims its technology can be used for indoor, outdoor and greenhouse grow operations. In January, Business First reported the company worked with New Mexico hemp company Santa Fe Farms, which helped it eliminate concerns with mold and pesticides. Terra Vera is also "getting inquiries" for hops operations, according to Perea.
The company employs six full-time workers, with three in Albuquerque. Most of its investors are out of state, according to Perea. The company "will most likely not raise any capital until early next year at the most aggressive case," Perea said, hinting at the potential for international expansion.
