CoolPlanetBiofuels — a company that converts grass, woodchips, and other non-food crops and farm residue into high-grade fuel — attracted a series B investment From Google Ventures, the companies revealed Thursday.
Based in Camarillo, Calif. CoolPlanet claims its biofuel products are not just net zero, but “negative carbon fuels,” because the byproducts from making and using them can sequester carbon, and therefore act as a soil conditioner. Converting cellulosic plant material into gasoline could help the agricultural sector by creating demand for non-food crops, and potentially new jobs in rural farming communities.
The investment represents Google Ventures’ first foray into biofuels. CoolPlanet was previously backed by North Bridge Venture Partners, and GE Energy Financial Services in an $8 million series B round. Google Ventures did not disclose the amount it invested into the round.
(Company representatives did not respond to a TechCrunch query as to how much money went into their series B investment by the close of business on Thursday.)
Google Ventures is the financially motivated venture capital arm of Google Inc., founded in 2009. Google Ventures invests in startups in industries including consumer Internet, software, hardware, clean-tech, bio-tech, health care and others. They aim to invest about $100 million a year, with deal sizes ranging from seed to late-stage investments of tens of millions of dollars, depending on the stage of the opportunity and the company’s need for capital. Google Ventures currently invests in the U.S. and has offices in...
North Bridge Venture Partners is an early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California. Headquartered on both sides of the country, the firm spreads investments on the east and west coasts.