Tackling a Rising Demand for Sustainable Food Production
The biotech startup company said that Blue Horizon and Novalis LifeSciences co-led the business funding round, which also attracted interest from multiple new and existing business investors.
AgBiome said it plans to use the raised funding to start offering new products, expand its global presence and business partnerships, and attract more scientific and commercial talent.
The biotech startup company is working to address a growing demand for sustainable and environmentally compatible crop protection. To this end, AgBiome is working to create and deliver safe crop protection products.
The biotech business’s proprietary “Genesis” discovery platform captures agricultural applications and compares them with similar market-leading products for insect, disease, and nematode control.
"Biologicals are a rapidly growing, disruptive market segment that is projected to grow 14-fold by 2030. Growers need new tools to control problematic diseases while ensuring effective resistance management. AgBiome is laser focused on developing those science-based solutions,” said Scott Uknes, co-founder and co-CEO of AgBiome.
Uknes believes that the raised business funding will help his biotech startup company to execute its strategic business model and create new partnerships. The focus is on further solidifying the already strong product pipeline.
The biotech startup company has already partnered with global agriculture companies with an aim of ramping up innovation. Some of these partnerships include Farm Hannong, TMG, Sumitomo Corp, SePro Corporation.
Furthermore, the biotech startup company has research collaborations with BASF, Genective, Mosaic, Elanco, Bill & Melinda Gates Foundation, the Max Planck Institute, and ElevateBio.
Howler fungicide is the first product developed by the biotech startup company. The product works on over 300 crop-disease combinations, and it offers preventive and long-lasting protection. AgBiome said its first product witnessed a 10x sales growth last year.
The raised business funding will also help the biotech startup company to launch its second and third products — Theia Fungicide and Esendo Fungicide — in the opening months of the next year. The startup company’s roadmap includes 11 products launched by 2025.
"As one of the leading innovators in the biologics crop protection space, this significant fundraising will allow AgBiome to rapidly accelerate its mission to feed the world responsibly by both discovering and developing its own products as well as by identifying strategic acquisition growth opportunities," said Marijn Dekkers, chair of Novalis LifeSciences and chair of the AgBiome Board.
For Przemek Obloj, managing partner at Blue Horizon, the US-based biotech startup company is addressing the impact of synthetic pesticides on the environment and human health.
He notes that AgBiome’s products are highly efficient and affordable. For his VC business Blue Horizon, this is important as the focus is on accelerating the transition to a sustainable food system.
Biotech startup company AgBiome said it raised $116 million in its Series D business funding round to develop new products, hire more staff, and strike new business partnerships. The North Carolina-based startup company aims to have 11 crop protection products launched by 2025.
About the Author
An analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in advanced analytics and media.