MyLand, a soil health tech company based in Phoenix, has secured $12 million in financing to scale up and expand soil health-related services in California, Texas, Arizona, Florida and the Pacific Northwest.
MyLand closed its first Series B financing round with The Borden Family Trust and Waterpoint Lane, according to a news release.
“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, from The Borden Family Trust, said in the release. “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.”
Growers report witnessing the economic benefits of the rapid improvement in soil health through implementation of the MyLand service. Rob Knorr of Dakota Farms, an Arizona-based pepper grower, noted significant improvements in plant growth and plant health, according to the release.
“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. 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,” Knorr said.
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This closing is an important milestone for MyLand and puts the company in a strong financial position to fuel the growth and commercialization of its Soil-as-a-Service offering, while increasing the installed base of systems with large growers in efforts to improve soil health through their unique regenerative process, according to the release.
Ben Gibbons of Waterpoint Lane expressed excitement to work with MyLand to promote “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,” the release said.
