TerViva Brings Total Capital to $11.6M
In recent news, Ag Showcase alumnus TerViva has raised $3.6 million in Series C funding during May 2017. Since their 2013 presentation at Ag Innovation Showcase, California-based TerViva, the startup that cultivates the orchard tree crop, Pongamia, for sources of protein and bioenergy, has raised significant third party capital, bringing their total raise to $11.6 million.
The company has used their capital to attempt to scale up production by planting more acres of pongamia for bioenergy and animal feed in both Florida and Hawaii. To scale up in Hawaii, TerViva has entered in a partnership with Alexander & Baldwin Inc. to cultivate pongamia in Central Maui.
The company has grown to 20 full-time employees, moving to product teams in their two centers of operation. They are currently in the process of creating facilities for expelling and extracting oil to process Florida pongamia seed harvests.
In the words of Naveen Sikka, founder and CEO of TerViva, "The Ag Showcase continues to be the best forum to connect and reconnect with the most important people in the ag startup ecosystem. There’s something incredibly authentic and comforting to meet every year with these individuals at the Danforth Center, to catch up, trade notes, and cut deals."
Since appearing at Ag Showcase, Terviva was spotlighted as a "Top 25 Most Innovation Ag-Tech Startup" in 2017, and was highlighted in a report by the World Resources Institute.