Nov 23, 2022
Soil health company MyLand secures $12 million in Series B financing
Phoenix-based soil health company MyLand Co. Inc has secured $12 million in the first closing of Series B financing that will support scaling up its regenerative agriculture efforts in California, Arizona, Texas, Florida, and the Pacific Northwest.
“We see MyLand’s service as an entirely different method to providing growers an affordable and simple regenerative agriculture process — one that has an amazing impact on the health of their soil and in turn, their crops,” Michael Borden of The Borden Family Trust said. “We look forward to this collaborative leadership to implement the company’s service and technology onto more farms and to demonstrate its potential for improving the nation’s soil.”
MyLand delivers live, native microalgae directly into the soil on a continuous basis to improve its physical, chemical and biological traits.
“We are super excited to work with Dane Hague, Peter Williams and the rest of the MyLand team on driving scalable regenerative agriculture through their farmer-focused service paired with their innovative systems that have resulted in increased soil organic matter, water holding capacity, soil aggregation, and carbon storage,” Waterpoint Lane’s Ben Gibbons said.
While noting that results vary based on factors including farm location and crop type, MyLand’s website estimates that growers will see a 20% to 30% reduction in fertilizer costs, a 10% to 20% reduction in water costs and up to a 50% reduction in tillage costs while increasing yield by up to 30% and revenue by 25% to 50%.
Rob Knorr of Dakota Farms, an Arizona-based pepper grower, said MyLand’s service has led to improvements in plant growth and plant health.
“On fall pepper varieties, we were able to reduce fertilizer applications on soils treated with algae as well as noting increased water holding capacity, which allowed us to extend our time between irrigation cycles, resulting in reduced costs,” Knorr said. “I appreciate the MyLand professionals that were committed to helping me to learn more about my own soils and how to be a better producer on better soils.”