February 14, 2022
Foley Hoag LLP represented Kula Bio, a leader in sustainable nitrogen solutions, in closing a $50 million Series A financing round. The round was led by Lowercarbon Capital and included participation from existing investors Collaborative Fund, Grantham Environmental Trust’s Neglected Climate Opportunities Fund and iSelect Fund. Kula Bio will utilize the funding to accelerate commercialization of a much-needed solution to the environmental problem from nitrogen fertilizer.
Kula Bio produces Kula-N, a next generation, sustainable nitrogen biofertilizer that helps farmers maintain yield, improve soil quality and significantly reduce carbon emissions and other environmental impacts associated with traditional, synthetic nitrogen fertilizers. Synthetic nitrogen fertilizer accounts for over 5% of the world’s greenhouse gasses each year. Demand for Kula-N is on the rise as, across the nation, farmers must deal with increasing pressure on atmospheric emission and nitrogen runoff from traditional, synthetic nitrogen fertilizers.
Foley Hoag attorneys Mark Haddad, Sara Mattern, Anna Snook and Diana Whitmore represented Kula Bio in the funding round.