NetZeroNitrogen raises $1.6m in pre-seed round

NetZeroNitrogen (NZN), developers of an alternative source of nitrogen for crops and plants, closed a pre-seed funding round which was 75 percent over-subscribed.

The funding was led by Revent and Zero Carbon Capital; in addition, NZN won a non-dilutive Transforming Technologies grant from Innovate UK.

In May 2022, NZN commenced laboratory research on the development of a natural alternative to synthetic nitrogen fertilizer (SNF). NZN’s approach and product is differentiated in a number of ways from both legacy incumbents and emergent alternatives. Of note, NZN is developing a replacement, not just an additive, for SNF, with no ‘green premium’ at all; the product will be significantly discounted to SNF. The technology will not be applied to the field but attached directly in the form of a seed coating, where its bacteria will colonize the host plant, allowing the plant to fix nitrogen directly from the atmosphere.

The raise will take NZN through the first stage of field trails in 2024 and was led by German VC, Revent, and UK-based deep-tech climate investor, Zero Carbon Capital (ZCC), in addition to an Asian, climate-focused, strategic investor and a group of angels including experienced biotech CEO Tony de Fougerolles, of Evox Therapeutics (and ex CSO of Moderna).

The success of the funding round was further amplified by the recent award of a Transforming Technologies grant by Innovate UK, which will assist NZN in accelerating research on relevant fermentation technology.

Read the JUNE/JULY 2023 issue of New AG International, free to view here.