California and New York investors pumped $65.5 million into Anuvia Plant Nutrients Corp. in a Series D fundraising round, the company announced April 25.
The investment round, co-led by New York-based Riverstone Holdings LLC and San Francisco-based Piva Capital Inc., will fuel increased production capacity for the Winter Garden-based sustainable fertilizer maker. Anuvia’s Plant City manufacturing facility has the potential to expand to produce 1.2 million tons of fertilizer each year, enough for 20 million acres of crops.
Expansion and commercialization
The 7-year-old startup combines organic waste products and nutrients into a fertilizer equipped with a slow-releasing mechanism. This means Anuvia’s fertilizer not only is sustainably sourced, but it also produces healthier soil because fewer nutrients are lost to leaching.
In addition to ramping up its production capacity, Anuvia further will commercialize SymTRX XP, a line of its fertilizer used for large-scale agriculture. Anuvia also operates in the lawn care and professional turf sectors.
Meanwhile, Anuvia supports a growing number of jobs in Central Florida and beyond. Anuvia employs roughly 120 people, and it seeks another six workers for its Plant City operations, according to its website.
Anuvia's 'unique niche'
By offering a more sustainable product and better crop yields, Anuvia “occupies a unique niche in the fertilizer value chain,” Riverstone Holdings Managing Director Cynthia Kueppers said in a prepared statement. “Through its waste-to-value production process and reduced reliance on traditional nutrition derived from fossil fuels, Anuvia is positioned to become a key player in transitioning the industry to more sustainable growing practices.”
Plus, the agriculture market faces “unprecedented times,” Piva Capital Managing Partner Mark Gudiksen said in a prepared statement. Russia’s invasion of Ukraine, and subsequent sanctions on Russia, contributed to a fertilizer shortage that has throttled food production, Reuters previously reported.
However, Anuvia’s fertilizer production is based entirely in the U.S., “ensuring supply-chain security for North American growers,” CEO Amy Yoder said.
In addition to Riverstone Holdings and Piva Capital, Morgan Stanley Investment Management and LK Advisers Limited participated in the investment round, along with existing investor Pontifax Global Food and Agriculture Technology Fund.
This isn’t the first time Anuvia’s product, named “One of the Next Big Things in Tech” last year by Fast Company magazine, has attracted large investment deals. The company in 2021 raised $103 million in a Series C round, which it invested into the former Mosaic Co. facility it operates in Plant City.
Anuvia also is a 2022 Orlando Inno Fire Awards honoree, and Yoder is a 2022 Orlando Business Journal Women Who Mean Business honoree.
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