NexSteppe raises $22m in Series C funding
NexSteppe, a seed company developing crops for the biofuels, biopower and bio-based industries, has raised $22 million (€17 million) in its third round of funding.
The company will use the proceeds from the round to continue to improve its Palo Alto biomass sorghum and Malibu sweet sorghum product lines, already available to customers in Brazil and the US. It will also help launch additional product lines and expand its market development effort around the world.
In the new round of funding, new investors Total Energy Ventures and ELFH Holding join existing investors Braemar Energy Ventures, CYM Ventures, DuPont Ventures and others. Total is actively involved in the development of solutions to produce biofuels and bio-products through R&D programmes, industrial developments and participations in various companies or startups. The company's objective is to increase the use of feedstock avoiding competition with food.
'Availability of feedstock on a sustainable basis will be critical for the development of the bio-based industries,' comments Total Energy Ventures CEO, Francois Badoual.