Yahoo Finance PaceZero Capital Partners provides MyLand with a US$20 million Hardware as a Service Financing Facility
TORONTO, Oct. 17, 2024 /CNW/ - PaceZero Capital Partners announced today that it has provided MyLand with a US$20 million Hardware as a Service (HaaS) financing facility. MyLand intends to use the facility to deliver on their growing book of service agreements with influential farmers in the key growing regions of California, Arizona, Texas, the Pacific Northwest, and Alberta.
"Bringing soil back to life improves water retention, boosts crop yields and produces healthier foods," said Jordan Peckham, Founder and CEO of PaceZero. "For sustainable agriculture solutions to scale, they must be financially viable for farmers and growers—and we believe MyLand's solution achieves exactly that."
Founded in 2014, MyLand is a Phoenix-based sustainable agriculture company focused on improving soil health. MyLand's core technology is delivered to growers through its patented, technology-based Soil as a Service (SaaS) model. The company combines local soil samples and proprietary on-farm hardware to produce and deliver significant volumes of live, native microalgae to the field through the farm's existing irrigation system. In effect, MyLand leverages the land's own native ecosystem to create the foundation for healthy, living soil.
"PaceZero's mission is very much aligned with that of MyLand and our grower partners," said Dane Hague, Co-founder and CEO of MyLand. "The HaaS financing facility will allow us to rapidly deploy the MyLand service to over 80,000 total acres, providing significant economic benefit to farmers while dramatically improving the sustainability of the food supply chain. This is in line with our belief that healthy soil leads to healthy food, healthy people, and a healthy planet."
This financing follows the $23 million Series A Preferred funding round that MyLand closed in 2023 and $10 million of additional equity closed alongside the HaaS Facility.
About PaceZero Capital Partners Ltd.
PaceZero Capital Partners is an independent sustainability-focused private debt firm, headquartered in Toronto, Canada. PaceZero executes credit investments in established, high-growth companies developing innovative technologies that drive improved social and environmental outcomes.
About MyLand
MyLand is a soil health company. MyLand's innovative and patented technology and unique Soil as a Service™ approach allows farmers to easily and rapidly implement regenerative agriculture practices. By improving soil health, MyLand is helping to tackle two of the world's biggest challenges: food security and climate disruption.
SOURCE PaceZero Capital Partners
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