Phinite, a startup that makes a regenerative fertilizer product from manure, has received a $50,000 investment from Ag Startup Engine.
Phinite is aiming to create a more sustainable solution to meet the growing demand for fertilizer. Currently, essential minerals like phosphorous are mined as a finite resource. The cost of fertilizers has doubled in the past year and is still growing. Through Phinite’s drying technology, farmers can avoid soil degradation and nutrient pollution while using what would otherwise be wasted.
Ag Startup Engine believes that Phinite fills a critical niche that complements its portfolio well.
“Phinite turns waste from animal farms into a dry fertilizer using a proprietary automated drying system,” said Joel Harris, Executive Director of Ag Startup Engine in a release. “The fertilizer is regenerative, renewable, and prevents pollution. Phinite plans to deepen its strategic partnerships with strategic investors to build its brand and grow rapidly to capture new markets.”
Phinite is producing regenerative fertilizer for sale originally through the Southeast United State, from their first production base — hog farms in North Carolina.
“We partner with farmers to help them make money out of their manure. It’s a win-win relationship that helps the environment and farm profitability,” said founder and CEO Jordan Phasey.
Ag Startup Engine was launched five years ago to help address two fundamental gaps that prevent agricultural startups and entrepreneurs from being more successful: early seed-stage investment and organized mentorship from successful entrepreneurs. The program recently announced the closing of its second fund with the goal to accept and invest in 45 agriculture and animal health startups in the next five years. To date, Ag Startup Engine has invested in 24 companies.