NC startup focused on reuse of phosphorus from manure raises $1.25M, wants $1.7M more

RALEIGH — Phinite, Inc. has disclosed fundraising of $1.285 million in a filing with the SEC. According to the documentation, the company is aiming to raise more than $1.7 million in additional funds this round.

Phinite is a company aiming to reuse phosphorus from manure. The company was started in 2018 by Jordan Phasey, a scientist and engineer who wanted to address the limited availability of phosphorus. The company’s key product is a granular fertilizer.

The company won a $50,000 NC IDEA grant in 2018, and raised nearly $300,000 in 2021. It also won a $250,000 grant in 2022 from the North Carolina Biotechnology Center. CEO Phasey was among those who pitched at CED’s Venture Connect event this past spring.

Profile: NC IDEA grant winner Phinite, a breakthrough in manure handling

This round of funding has 21 equity investors thus far. With a stated offering of $3 million, this is a significant jump for the company.