Newspaper article St Louis Post-Dispatch (MO)

St. Louis Startup Chasing New Cash Crop Raises $2 Million, Rebrands as CoverCress

Newspaper article St Louis Post-Dispatch (MO)

St. Louis Startup Chasing New Cash Crop Raises $2 Million, Rebrands as CoverCress

Article excerpt

CoverCress Inc., formerly Arvegenix Inc., has closed on a $2 million equity investment led by Bayer Growth Ventures (formerly Monsanto Growth Ventures) and BioGenerator, the investment arm of BioSTL.

CoverCress' rebranding comes from its under-development CoverCress crop based on the native plant pennycress. Formerly known as Arvegenix, the firm was formed here in 2013 to turn pennycress into a crop farmers could grow in the winter as a commodity crop for oil and feed while also serving as a cover crop between harvests.

"Many farmers have told us that they want to do more to protect soil and water as well as find new sources of income from their land," CoverCress CEO Jerry Steiner said in a statement. "We are very fortunate to have committed investors to help us achieve this next business milestone so we can stay on track for a 2021 commercial launch of CoverCress. …

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