Climate technology company Rumin8 has raised $US12 million in a funding round led by the Bill Gates-founded Breakthrough Energy Ventures and supported by Andrew and Nicola Forrest.
Climate technology company Rumin8 has raised $US12 million in a funding round led by the Bill Gates-founded Breakthrough Energy Ventures and supported by Andrew and Nicola Forrest.
The new funding comes after a phase 1 seed funding round last year, with total proceeds of $A25 million.
Rumin8 will use the proceeds on commercial trials of its methane busting feed additives in Australia, New Zealand, Brazil and the USA.
It will also invest in brand development and planning for a pilot manufacturing plant.
Rumin8 is led by chief executive David Messina and co-founder Cameron Scadding while its board is led by experienced biotech player Stewart Washer.
It is the first Australian-based company to gain backing from Breakthrough Energy Ventures, with today’s announcement coinciding with a visit to Australia by Mr Gates.
Perth-based beef producer Harvest Road Group, which is part of Andrew and Nicola Forrest’s private company Tattarang, participated in the funding round.
Australian-based Aware Super Sentient WA Growth Fund and US-based Prelude Ventures both ‘topped-up’ their shareholding in the phase 2 seed round.
Mr Messina said Rumin8 had received considerable support from climate funds, and the phase 2 seed round had closed over-subscribed.
“We have been very pleased with the reception we have received from climate impact funds around the world,” Mr Messina said.
“There is a genuine desire to fund solutions to enteric methane emissions from livestock and fortunately for Rumin8, they can see the benefits of our technology.
“Our laboratory results continue to yield excellent results, our animal trials are reflecting the laboratory results, and the financial modelling we are undertaking is indicating we will be able to supply our products at a commercial price point.
BEV executive Carmichael Roberts said “the demand for sustainable protein has never been more apparent, which is why BEV is keenly interested in reducing methane emissions from beef and dairy”.
“Rumin8 offers a low cost, scalable toolbox that has already proven to be effective in reducing emissions,” he added.
“Our team will support Rumin8 in working closely with farmers to expand the reach of this solution globally.”
Harvest Road Group CEO Paul Slaughter said Rumin8 complemented the group’s other investments in reducing the impact of agriculture on climate change.
“We are actively seeking solutions to reduce methane emissions in livestock supply chains, with Harvest Road supporting multiple emerging technologies focussed on methane reduction in ruminant animals,” Mr Slaughter said.
“Feed additives are an important pillar in our strategy to reduce our carbon footprint and support our ambition to help solve the global methane emissions challenge.”
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