Goterra makes $8m investment to tackle food waste
LegalVision advised Goterra on its $8 million capital raise.
Firms: LegalVision (Goterra)
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Deal: LegalVision has advised Goterra on its $8 million Series A capital raise.
Goterra, a robotics agtech start-up, has transformed the food waste management industry by using robotic maggot farms to turn organic waste into animal feed. The latest capital injection will help fund the manufacturing of Goterra’s technology as well as the construction of a commercial factory in Canberra.
Value: $8 million.
Area: Capital raise.
Key players: The LegalVision team was led by practice leader Jill McKnight, who was assisted by senior lawyer Madeleine Hunt.
Deal significance: The latest round was led by Mike Cannon-Brookes’ Grok Ventures and Tenacious Ventures, a new agricultural technology VC fund. LegalVision previously assisted Goterra with its $1.2 million seed round in 2019.
Goterra founder, Olympia Yarger, stated that closing this round of funding means Goterra is well on their way to change the course of food waste management in Australia and beyond.
“Jill and the team at LegalVision have done an incredible job helping us close this round with favourable terms. As Goterra has grown, LegalVision has helped us at every step of the way and we look forward to continuing to work with them,” she said.
The Canberra start-up is upscaling from managing 10 tonnes to 45,000 tonnes of food waste per week by 2021.
It offers a maggot-based process of decomposition that’s fully automated in self-contained capsules; you pour in your food waste, shut the lid, and forget about the rest.
“Goterra is the perfect example of a homegrown [agtech start-up] that is innovative and [forward thinking]. It is always a pleasure to work with Olympia and the team and we enjoyed helping them get this deal over the line,” Ms McKnight commented.