WISErg Corporation, which uses technology to convert food scraps into organic fertilizer for sale to farmers and consumers, has raised a $5 million Series B funding round from private investors. The new funding brings total capital raised to $7.75 million.
WISErg Corporation, a bio-clean technology company that converts food scraps into organic fertilizer for sale to farmers and consumers, today announced that is has secured $5 million in funding from private funding sources. The series B funding will enable WISErg to accelerate its growth and expansion, including its entrance into the California market. To date, the company has contracted to deploy its Harvester™ units at regional and national grocery outlets in the Puget Sound area of Washington, including Whole Foods Market, Town & Country Markets, PCC Natural Markets, and Red Apple Markets and is in active discussions with other regional and national grocery chains.
The Harvester is a fully sealed, odor-free unit that can process all food scraps originating from the meat, seafood, deli and produce departments. It uses a patent-pending oxidative conversion process, extracting valuable nutrients from food scraps before they become waste. Those nutrients are then used to create a locally based, natural agricultural fertilizer that is sold to commercial farmers and to consumers at retail. The Harvester also captures data about the sources of food scraps and environmental conditions that businesses such as grocers can analyze to make more informed inventory management decisions.
The new funding — which brings the total amount of capital raised by WISErg to $7.75 million — will be used for continued development of the Harvester technology and WISErg’s fertilizer production process, marketing operations and the company’s expansion beyond the state of Washington. The company expects to enter the California market with a significant presence later in 2014 and is developing alliances with haulers in the state.
“It’s a very exciting time for WISErg, our investors and customers as we approach critical mass in making our technology more widely available,” said Larry LeSueur, CEO, WISErg. “We’ve proven the value of the Harvester system with our initial deployments, gotten great feedback from growers about the performance of our fertilizer and we’ve laid the foundation to scale our operations. We’re excited about the potential we see in the California market and the response we’ve received from logistics partners responsible for hauling operations within the California marketplace.”
2014 has been a year of momentum for WISErg. PCC Natural Markets, WISErg’s launch customer for the Harvester, installed its third unit. New regional grocery customers include Red Apple Market and Central Markets. In addition, Whole Foods Market became the first national grocery retailer to become a customer. The company is in active discussions with other regional and national grocery chains. Also in 2014, WISErg received listing from the Organic Materials Review Institute — the leading authority for independent review of materials approved for use in the production, handling and processing of organic goods — definitively stating that WISErg’s approach to food scrap conversion honors the standards set by the USDA’s National Organic Program and reaffirms previously obtained listings by the Washington State Department of Agriculture Organic Program and the California Department of Food and Agriculture.
Headquartered in Redmond, Washington, WISErg is a privately held bio-clean technology company which converts food scraps from sources like grocery stores and restaurants into valuable, organic fertilizer. The company utilizes a patent-pending, oxidative conversion technology to intercept nutrients from food scraps before they become waste. Visit www.wiserg.com.