STATE COLLEGE, Pa.,
June 6, 2019 /CNW/ -- State
College-based 1855 Capital and Maumee Ventures, the venture capital
subsidiary of The Andersons, Inc., today announced that they have
co-led an investment round of up to $1.5
million in the sustainable fertilizer start-up,
Phospholutions. This investment supports the full commercial launch
of Phospholutions' RhizoSorb® product with both local support from
1855 Capital and industry participation from The Andersons, a
diversified U.S. agribusiness.
RhizoSorb is a soil-enhancement product that utilizes technology
originally created in Penn State
University's College of Agricultural Sciences. The product
aims to reduce phosphorus runoff and enhance plant health,
decreasing the amount of water and fertilizer needed for successful
plant growth.
"We are very excited to have developed our business to the point
that it has attracted this level of investment to support our
continued growth," says Phospholutions CEO and Penn State alumnus, Hunter
Swisher. "This investment will provide the resources
necessary to bring new developments and solutions to market."
1855 Capital identifies and invests in the premier start-ups
emerging from the Penn State
community.
"We are thrilled to have the opportunity to support Hunter and
the mission at Phospholutions," says Matt
Rhodes, Managing Director of 1855 Capital. "We are
especially pleased to work with Maumee Ventures and further our
mission to bring national industry support to the local start-up
community."
Maumee Ventures was started by The Andersons in 2014 to foster
promising innovations in agriculture and other related sectors.
"Maumee Ventures works to identify products and technology that
have the potential to positively impact our businesses and bring
more value to our customers," says John
Kraus, vice president of Maumee Ventures and director of
investor relations for The Andersons. "Phospholutions' product and
business plan directly address the need to deliver key nutrients to
plants in an efficient and sustainable manner, and we are excited
to include them in our portfolio."
About Phospholutions
Phospholutions has
developed a patented technology to alleviate the environmental
impact of phosphorus fertilizer. Current commercial products
aim to deliver phosphorus more efficiently to the plant within the
soil and reduce unwanted losses to the environment, ultimately
minimizing the effect on water quality.
To learn more about Phospholutions, visit
Phospholutions.com.
About 1855 Capital
1855 Capital is a seed and
early stage venture capital fund investing in companies with an
affinity to Penn State University,
including University Park, Hershey
Medical Center, all the Commonwealth campuses and Penn State alumni throughout the U.S. While
the Fund has strong ties to the Penn
State community, 1855 Capital is privately owned and
operated and is not directly affiliated with Penn State. 1855 Capital looks for companies in the
areas of Agtech, Information Technology, Advanced Materials,
Fintech, Edtech, and Healthcare and Medical Devices. The team at
1855 Capital offers mentorship and funds for high quality start-ups
to ensure their success, for the benefit of our investors, the
start-up teams, and the community.
To learn more about 1855 Capital Fund, visit
1855capital.com.
About Maumee Ventures
Located in Maumee, Ohio, Maumee Ventures is the venture
capital subsidiary of The Andersons, Inc. (Nasdaq: ANDE), a
diversified company rooted in agriculture. Maumee Ventures was
designed to foster promising innovations that align with the
company's core businesses. An early stage seed/series A/B investor,
the company focuses on practical solutions for the plant nutrients
and crop protection, precision science, grain supply chain, food
safety and field tracing, energy and freight logistics sectors.
To learn more about Maumee Ventures, visit
maumeeventures.com.
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SOURCE The Andersons, Inc.