BOSTON--(BUSINESS WIRE)--Kula Bio, a leader in sustainable nitrogen solutions, announced today it has closed a $50 million Series A. The round was led by Lowercarbon Capital and includes Collaborative Fund, Grantham Environmental Trust’s Neglected Climate Opportunities Fund and iSelect Fund.
Kula Bio produces Kula-N, a next generation, sustainable nitrogen biofertilizer that helps farmers maintain yield, improve soil quality and significantly reduce carbon emissions and other environmental impacts associated with traditional, synthetic nitrogen fertilizers. Synthetic nitrogen fertilizer accounts for over 5% of the world’s greenhouse gasses each year. Demand for Kula-N is on the rise as, across the nation, farmers must deal with increasing pressure on atmospheric emission and nitrogen runoff from traditional, synthetic nitrogen fertilizers.
Since its founding in 2018, the company has proven its product is crop agnostic, and can replace a meaningful amount of a farm’s use of traditional nitrogen fertilizers. Kula-N trials across geographies and soil types have enabled farmers to seamlessly transition to sustainable nitrogen. The company’s technology stores energy in a naturally occurring microbe that fixes nitrogen from the air to the soil. It is patent-protected and derived from peer-reviewed research performed at Harvard University.
“Kula-N has the potential to solve one of the world’s biggest environmental problems,” said Bill Brady, founding CEO and director of Kula Bio. “Today, over 90% of fertilizer in use is still synthetic and a significant contributor to global greenhouse gas emissions and damage to local water supplies and land. Demand for our solution has been incredibly strong. We are committed to help farmers operate sustainably without sacrificing crop yield.”
"Kula Bio’s drop-in replacement for synthetic fertilizer costs less, yields more, and zeroes out nitrogen runoff," said Clay Dumas, founding Partner at Lowercarbon Capital. "We're speeding up their growth to turn the lights out at Haber-Bosch plants."
The funding will be used to increase production capacity as well as further technology innovation of Kula Bio’s technology. Other investors in the round include Pillar VC, Embark Ventures and BOPU.
About Kula Bio
Kula Bio is a leader in sustainable nitrogen solutions. Founded in 2018 and built upon peer-reviewed research developed at Harvard University, the company has developed a patent-protected, next generation nitrogen biofertilizer that works seamlessly for farmers. With a natural and powerful solution, Kula Bio enables farmers to meet their crop yield goals while improving their operations’ sustainability. For more information, visit www.kulabio.com.