Led by ADM, Harpe Bioherbicide Solutions, Inc., has closed a $10.5 million round of fundraising. This gives Harpe resources to continue its R&D through 2024 and stay on target for its potential exit.
In the past six years, Harpe pinpointed the possibilities of using extracts from a series of plants including several in the mentha family. Harpe’s product portfolio features new sites and modes of action and offers wide-spectrum control of broadleaf and grass seeds or weeds.
“Through a series of all-natural herbicide formulations, our products will deliver new opportunities for organic and regenerative agriculture for pre, post and desiccation use patterns,” said Bill Buckner, CEO of Harpe Bioherbicide Solutions.
Harpe is focusing on its bioherbicides to be crop agnostic. The team at Harpe says performance in the field is tablestakes for their success, and they are now working on the commercialization of the technology by lowering its use rate and overall cost of goods.
Read more about Harpe’s strategy to combat herbicide resistant weeds.
“Sustainability is a pillar of ADM’s growth strategy and core to our purpose as a company, which is why we are excited to work with Harpe Bioherbicide Solutions to accelerate the introduction of new, nature-based herbicide options,” said A.J. Todd, vice president of commercial development for ADM’s mint business. “ADM is always eager to partner with pioneers who are changing the face of agriculture, especially when it comes to enhancing the sustainability of our food system. With Harpe Bio, we can partner in multiple ways, including providing key inputs for their innovative products, and ultimately in helping bring new, more earth-conscious bioherbicides to support the farmers we work with every day.”
ADM has a 20% global market share in the commercial mint business. Harpe’s key ingredients are natural plant extracts from mint.
“ADM’s unique position spanning the food and ag value chain gives us the opportunity to propel change in multiple ways. In this case, we are a world leader in mint production, and will be providing key inputs to Harpe Bioherbicide’s innovative product. Simultaneously, we’re rapidly ramping up our regenerative agriculture work, which benefits from environmentally friendly herbicides. We’re excited about this new collaboration and look forward to the opportunity to bring our plant-science and sourcing capabilities together with Harpe’s groundbreaking work.”
The fundraising round also included iSelect Fund Management and Alexandria Investment Ventures as well as company leadership and private agricultural industry investors.
Read More: Bioherbicide Developed For This Century, With Resistance in Its Crosshairs
