US venture firm North Bridge Venture Partners has led a follow-on funding round in Cool Planet, a renewable energy and agtech company.
The additional round, the size of which was undisclosed, comes after the firm participated in the company’s $100 million Series D financing which closed in March last year.
Funding for the additional round also came from other existing investors including BP, Energy Technology Ventures (GE, ConocoPhillips, and NRG Energy) and Google Ventures. All had supported the company through its Series D.
“The financing will further advance Cool Planet’s biocarbon technology and provide growth capital as the company continues to pursue plans to deploy its technology,” the company said in a statement.
Cool Planet also announced that it has hired an agri specialist to develop CoolTerra, its soil application product that saves water, fertiliser and sequesters carbon.
James Loar joins from from US agri products retailer Wilbur-Ellis, where he was vice president of operations for the $2.1 billion ag division.
“Jim is a well-known, respected leader in the agriculture industry and brings decades of experience to Cool Planet,” said CEO Howard Janzen in a statement.
North Bridge Venture Partners first backed Cool Planet in a $3.5 million round of funding in 2009, which it followed in 2010 with a $8 million investment alongside GE Energy Financial Services. The firm closed its second fund on $580 million in 2013.