An ag-tech startup that's pulled in investments from a prominent venture capitalist and a famous ice cream company co-founder was recently voted as this year's Inno Madness champion.
That company, Terra Vera, is developing systems that keep plants safe from biological diseases using different types of biomimicry technology — or science that's based on natural processes. Terra Vera's products, which are based on amino acid solutions, include outdoor, greenhouse and indoor applications, according to the startup's website.
Albuquerque-based Terra Vera defeated another Albuquerque startup, WaveOn Health, in the Inno Madness championship. The annual startup bracket competition kicked off in March and wrapped up last week after four rounds of voting which saw this year's winner notch a few impressive upsets on its way to the crown.
Terra Vera has kept a low profile since launching in 2020, its co-founder, Carlos Perea, told Albuquerque Business First. Much of its product development has come from direct interactions with its customers, who have included mostly larger cannabis cultivation companies, Perea said.
But after seeing some recent traction in terms of sales and revenue growth, Terra Vera is ready to ramp up. The startup is preparing for a larger raise in the range of $8 to $10 million to support technological research, gain organic certification and expand into more markets — including overseas, Perea said.
"We don't have too few options, we have too many," he said. "A big part of what we're doing now is deciding do we present in Singapore, do we present in Sao Paulo, Brazil, or do we stay more focused in the U.S. for the moment?"
The startup has raised $3 million to date, including some seed capital on the basis of a convertible note. It's a portfolio company of Albuquerque investment firm OneTen° Capital, and some of its individual investors include Jeff Loomans, a former partner at San Mateo, California-based Sierra Ventures, and Ben and Jerry's co-founder Ben Cohen, Perea said.
"We've been very fortunate to raise capital from people that we think, one, add a lot of value and, two, align with our belief system and the vision of the company," Perea said. "We're not going to compromise that now. We're not taking capital just for the sake of taking capital, we'll take it from folks who we think can really help us and really align with our long-term interests."
Those interests, he said, include innovating how crops are kept safe from disease through more organic and affordable ways. That's one reason the company started developing its products with the cannabis cultivation industry, Perea added, because he said it's an industry that's quickly evolving, creating more room for testing and innovation.
But Perea doesn't want the company to only serve the cannabis industry. Other markets, including those for leafy vegetables and coffee plants, are in Terra Vera's plans, he said.
"We really want to have an impact in changing the availability and the affordability of safe food and produce and other crops," Perea said. "That's the No. 1 focus."
To fuel recent and future expansion, the startup brought on new staff to manage the company's marketing. It currently employs eight people full time, Perea said, including the original three founding members — Perea, Chief Technology Officer Justin Sanchez and Kathryn Radovan, senior vice president of business operations.
And although Terra Vera is eyeing international markets, Perea — a Stanford graduate who was born in Albuquerque and returned to the city from Silicon Valley a few times during his career — wants to keep its base in the Land of Enchantment.
"If we really have our pie in the sky we'd be employing hundreds of folks, of which I hope to have a lot of them be in New Mexico," he said.
"We all lament why we don't have better jobs and better economics in New Mexico, and it only takes one or two companies to do that. When you get those companies a lot of positive things happen," Perea added. "I'm really encouraged by what I see here in New Mexico."
