CoverCress develops a winter oilseed crop derived from field pennycress, branded CoverCress, intended to be planted after corn harvest and harvested before soybean planting. The crop is designed to enable three full-season crops in two seasons while delivering cover-crop environmental benefits such as soil carbon sequestration and reduced erosion. CoverCress's seed produces a low-carbon-intensity oil for renewable diesel, biodiesel and sustainable aviation fuel as well as a meal or whole-grain feed ingredient for livestock. Scientists have used plant breeding and advanced gene-editing tools to increase yield, accelerate maturity, and improve oil and meal quality. The company says the seed can provide a cash profit margin to farmers, and it markets the product as a regenerative, revenue-generating cover crop. CoverCress raised $8 million in partner funding to complete final crop development and scale up toward a planned commercial planting in fall 2022. CoverCress develops a new winter oilseed crop (CoverCress) derived from pennycress using plant breeding and genome‑editing tools. The crop is planted at corn harvest in fall and harvested immediately before soybean planting, offering farmers an additional cash crop while serving as a cover crop that builds soil health and holds nutrients over winter. Its grain contains oil and protein similar to canola and has a very low carbon intensity, attracting interest from bio/renewable diesel producers and firms seeking non‑GM protein meal. The company has grown to a team of over 20 and maintains partnerships with Illinois State University, the University of Minnesota, Western Illinois University, and participates in the USDA iprefer grant program. CoverCress plans a commercial launch in fall 2021 and aims to scale to millions of acres across the southern Midwest; the recent funding is intended to build the value chain to support that launch. Mike DeCamp joined as COO to focus on building the value chain for commercialization. CoverCress develops a gene-edited pennycress, branded Covercress, intended as a winter oilseed cash crop that also provides soil cover between corn harvest and soybean planting. The company uses conventional breeding, mutant-population screening with partner universities, and CRISPR to improve yield, maturity, oil content and composition. Its seed oil and press-cake meal are positioned as similar to canola, with higher-value oil and high protein for dairy and swine feed. CoverCress conducts research across three facilities in St. Louis’ 39 North district and has partnerships with the University of Minnesota and Illinois State. Management plans a first commercial crush and commercial launch in 2021 and is expanding its R&D team and field-farmer support headcount. The company says the business is more time- than capital-intensive and has secured runway of at least one year with this raise to complete its fifth field trial. Arvegenix is an ag biotech company engineering genetically improved field pennycress as an oil crop. The company completed a $2.4 million venture financing. The round included a long list of investors, with several agtech-focused backers among them. Named investors include agtech accelerator The Yield Lab, Cultivian Capital, and Monsanto Growth Ventures. Other participants were Michael Roth, the St. Louis County Port Authority, Prelude Ventures, Prolog Ventures, Missouri Technology Corporation, BioGenerator, and St. Louis Arch Angels. The raise was reported in an Agtech Funding Sheet covering Latin American startups, ag marketplaces, bio-inputs, sensors and more. Arvegenix is focused on improving pennycress, a wild mustard-family plant, as an oil-producing crop that can be grown in winter between corn and soybean seasons. The company aims to harvest oil-rich seeds and repurpose the leftover seed meal as livestock feed. Pennycress offers soil protection during winter, requires relatively low pesticide, fertilizer, and water inputs, and has attracted USDA support for biofuel research. Arvegenix plans to expand R&D to increase yields, conduct regulatory feeding studies on press-cake, and develop growing and crushing operations. The company launched in 2013 and is based in St. Louis. It has previously received investments from Helix Fund and Missouri Technology Corporation.

Total raised

$20M

Funding rounds

5

Latest round

Series B

Latest activity

Mar 2021