Startup Makes Mobile Fertilizer
An Albuquerque startup that makes mobile fertilizer production units has gotten a $2 million venture capital investment, some of it from the state’s new Catalyst Fund.
The company is BayoTech and Gov. Susana Martinez made the announcement Monday morning at the firm’s 5,000-square-foot facility near the Albuquerque Balloon Fiesta Park.
The investment means that the company is a little closer to actually getting its equipment to market. Half of the investment – $1 million – is coming from Cottonwood Technology funds.
Of that, $300,000 is from the state’s new $20 million Catalyst Fund, which was set up to help venture capital firms that back local technology startups.
Another $1 million came from an unnamed venture capital investor.
BayoTech was founded in 2015. Its website says its mobile production units can make designer fertilizer “by creating the fertilizer at the point of consumption, micronutrients can be added to customize the fertilizer to the local area, increasing yields and efficiency.”
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