Western Australian climate tech startup Rumin8 has secured US$12 million (A$16.9 million) in seed funding from Bill Gates-founded US$2B Breakthrough Energy Ventures (BEV) with participation from Andrew and Nicola Forrest’s agri-food business Harvest Road Group (which owns Harvey Beef among other agbusinesses).
This is the first time Bill Gates has invested in an Australian startup, let alone one from WA.
Founded in 2021, Rumin8’s latest round of funding brings the grand total from its seed rounds to circa A$25 million, with the company saying the funds will be spent on commercial trials in Australia, New Zealand, Brazil, and the United States of America, product brand development, and pilot manufacturing plant development.
The technology
Widely reported as tech to “reduce cow farts and burps“, Rumin8 is a climate tech company looking to reduce climate-harmful emissions from agriculture.
Rumin8 identifies naturally occurring compounds that have anti-methanogenic properties and reproduces them to feed livestock, in so doing, reduces methane emissions from livestock.
“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 BEV’s Carmichael Roberts.
“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.”
Harvest Road Group CEO Paul Slaughter said Rumin8 complements the group’s other investments in reducing the impact of agriculture on climate change.
“We are actively seeking solutions to reduce methane emissions in livestock supply chains, with Harvest Road supporting multiple emerging technologies focussed on methane reduction in ruminant animals,” said Paul Slaughter in a statement.
“Feed additives are an important pillar in our strategy to reduce our carbon footprint and support our ambition to help solve the global methane emissions challenge.”
“We believe Rumin8’s new technology has broad-ranging application across the livestock sector and offers a promising solution for industry.”
Rumin8 Managing Director David Messina said Rumin8 had received considerable support from climate funds, and the Phase 2 seed round had closed over-subscribed.
We have been very pleased with the reception we have received from climate impact funds around the world.
David Messina, Rumin8 MD
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.
Born and raised on a family farm in WA, David has been CEO of Seed Grain Biotechnology Australia, Planttech Pty Ltd, Central EU Biofuels Ltd, Hutton Energy and most recently Whitebark Energy. He is currently the Chairman of Cadogan Estates Australia, owner of large farming properties in WA.
“Our laboratory results continue to yield excellent results, our animal trials are reflecting the laboratory results, and the financial modelling we are undertaking is indicating we will be able to supply our products at a commercial price point.
“Prior to the Phase 2 seed funding round, we were progressing a number of key work streams sequentially. Now we have the resources to progress them in parallel, speeding up the road to commercialisation.”
