Phospholutions, a Pennsylvania-based fertilizer technology company for agricultural and turf applications, has received a USD 10.15 million investment led by Advantage Capital. Existing investors Conti Ventures, Tekfen Ventures, Maumee Ventures, and Ben Franklin Technology Partners, alongside new investor Keytrade, also joined the round.

The company expects to use the funds for the commercialization of its RhizoSorb fertilizer additive in the US row crop market. 

The company also noted that it plans to expand field trials of RhizoSorb to China, Brazil, and Canada in the 2024 growing season, following successful trials in five countries outside the US, including India, New Zealand, and Turkey.

Analyst QuickTake: Phospholutions is securing necessary capital to bring its solution to-market successfully. In July 2022, Phospholutions raised an undisclosed amount of capital to support its commercialization efforts. Prior to that, the company raised USD 10.3 million in Series A funding in January 2021, which enabled the company to trial its products in new markets. Phospholutions also secured USD 250,000 in March 2022 as the runner-up in UPL's Radicle Carbon & Soil Challenge for its development of an environmentally friendly fertilizer additive. As of date, the company has raised USD 32.5 million in funding.