Dive Brief:

• Harvest Power Inc., a startup focused on converting organic waste into renewable energy, secured $20 million in financing from multiple sources.
• Lead investors include Chicago’s True North Venture Partners, Fan Francisco-based Industry Ventures, and London's Generation Investment Management.
• The backing will provide Harvest Power with rapid expansion opportunities in the clean energy market using its anaerobic digestion technology, and increase its market reach to consumers and corporate clients. 

Dive Insight:

Harvest Power CEO Kathleen Ligocki said, “Harvest’s growth over the last few years has been impressive, positioning the company at the forefront of an organics revolution. Food and organic waste diversion is an incredibly hot topic for many communities, as is producing renewable natural gas from anaerobic ingestion.”

"[I]njection of capital, combined with our outstanding team, unique competencies, and superior products, will catalyze the next level of growth for our company,” she continued. 

The Waltham, MA-based Harvest Power was founded in 2008 and has raised approximately $224 million in equity financing since its formation. The firm provides services that aid communities across the country with managing and re-using organic wastes via the production of renewable energy, soil, mulch, and fertilizers. 

Harvest Power has expanded rapidly since its inception, and has since partnered with numerous institutions to provide waste services. In April, the company announced a partnership with two Orlando, FL-based hotels to increase their sustainability by converting organics from the sites into renewable energy. Back in February, the firm inked a deal to transform food scraps from Disney World into fertilizer and electricity. Harvest Power also converts the theme park’s liquid waste into biogas, which is converted into electricity and sold to power attractions and hotels on Disney properties.

In addition to the VC announcement, Harvest Power named Michael Ahearn as the new Chairman of the Board of Directors for the company.