Breakthrough Ventures has invested in Aussie climate tech startup Rumin8, its first allocation to a local company.
The Phase 2 seed round raised $US12 with Andrew and Nicola Forest’s Harvest Road fund also tipping in. Existing investors Aware Super, Sentient and U.S.-based Prelude Ventures also made follow-on investments.
Rumin8 has developed a synthetic version of asparagopsis seaweed that can be used as a feed supplement for cattle to almost completely eliminate the methane emissions from the animal’s burps and farts.
“The demand for sustainable protein has never been more apparent, which is why BEV is keenly interested in reducing methane emissions from beef and dairy,” said Carmichael Roberts, investment committee lead at BEV.
“Rumin8 offers a low cost, scalable toolbox that has already proven to be effective in reducing emissions. Our team will support Rumin8 in working closely with farmers to expand the reach of this solution globally.”
The company’s expansion plans are in full swing with testing facilities operating in Australia, New Zealand, Brazil and the US. It’s targeting a daily production of 25,000 doses by the middle of this year.
“We have been very pleased with the reception we have received from climate impact funds around the world,” said Rumin8 Managing Director David Messina.
“There is a genuine desire to fund solutions to enteric methane emissions from livestock and fortunately for Rumin8, they can see the benefits of our technology.”