New Leaf raises $24 million and will expand facility

New Leaf raises $24 million and will expand facility

By David Nicklaus

New Leaf Symbiotics, which is developing bacterial treatments to improve crop yields, plans to triple the size of its research and pilot production facility after raising $24 million from investors.

New Leaf announced the closing of its Series C financing round on Monday. The round was led by Monsanto Growth Ventures and Otter Capital of Palo Alto, Calif. Lewis & Clark Ventures of Clayton is among the other investors.

New Leaf said it will use the money to commercialize its bacterial treatment for use with soybeans, corn, wheat, peanuts, and other crops. Ryan Rakestraw, a principal at Monsanto Growth Ventures, said the product “has tremendous potential to enhance yields and improve plant health.”

New Leaf has more than 30 employees at BRDG Park in Creve Coeur. The company raised a $17 million Series B round, also led by Otter Capital, in 2014, and a $7 million Series A round in 2013.