Mekong Capital, a Vietnam-based private equity firm, invested $5 million in Southeast Asian biochar and biofertiliser company HUSK. A statement said Mekong Enterprise Fund IV (MEF IV) invested in the firm.
Heloise Buckland and Carol Rius founded HUSK in 2017, and Richard Kendall joined in 2019. It uses technology to make biochar, carbon-brd fertilisers, and crop protection solutions.
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In the statement, the corporation stated its solutions help farmers overcome yield gaps, pests, illnesses, and poor soil and fertiliser management caused by climate change.
“The commitment of Mekong Capital to support our vision could not have come at a more critical time – where the need for viable, scalable, and impactful solutions to runaway soil degradation is at its most urgent,” said HUSK co-founder and CEO Heloise Buckland.
HUSK will streamline Cambodian operations with the funds. The business wants to build a production facility in Vietnam.
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“We intend to focus on product development. Our goal is to have 10 effective products catering to various crops by 2030. In Vietnam, we are initially targeting rice and coffee, two strategic crops for us, with plans to diversify into other crops in the near future,” she added.
She said that farmers are still using carbon-brd fertilisers, so entering new markets takes time. As it grows its pipeline, Mekong Capital is looking at fresh investment opportunities beyond retail and brick-and-mortar models.
Partner Chad Ovel said Mekong’s new approach followed its early success in funding biotech businesses like Vietnam-based probiotics manufacturer LiveSpo, genetic testing company Gene Solutions, and insect protein maker Entobel.
About HUSK
HUSK believes the private sector can fight climate change and social inequity. HUSK biochar products help farmers increase long term profitability, regenerate degraded soils and improve yields becoming more resilient to climate change.
