U.S – AgBiome, a biotechnology company using new knowledge of the plant-associated microbiome to create innovative products for agriculture, has announced the completion of a US$116 million oversubscribed Series D funding round.
The funding round was Co-led by alt protein impact investor Blue Horizon, as well as Novalis LifeSciences, to accelerate and expand AgBiome’s portfolio of microbial products and help establish a global presence.
The new Series D funding will also allow the company to scale its scientific and commercial teams. Mission-driven investment disruptor Blue Horizon was drawn to AgBiome for its ability to deliver naturally derived crop protection products that can revolutionize food production, in keeping with Blue Horizon’s own goals of accelerating a sustainable food future.
AgBiome’s first product, Howler fungicide, harnesses the power of the plant microbiome and works on more than 300 crop-disease combinations, and showed 10x sales growth in 2020. Vegconomist records that the company expects to launch its second product, Theia Fungicide in early 2022, with other biological fungicides, insecticides and herbicides in the pipeline.
“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. With this capital, AgBiome is well positioned to execute on its strategic business model focused on developing proprietary products, fostering partner programs, joint ventures, and new company formations, all of which represent significant growth opportunities for AgBiome.”
Working with the microbial world to improve the planet, North Carolina-based AgBiome discovers and develops innovative biological and trait products for crop protection. Demand for clean, healthy food is growing, and as the global population grows and chemical agricultural practices cause untold ecological damage, AgBiome is creating sustainable and environmentally compatible alternatives.
Przemek Obloj, Managing Partner at Blue Horizon, stated that the impact of synthetic pesticides on the environment and human health is in the spotlight like never before, with customers and lawmakers alike demanding alternatives.
“AgBiome provides that alternative: biological products that match the efficacy and cost of synthetic chemicals without the negatives. AgBiome helps realize Blue Horizon’s goal to accelerate the transition to a sustainable food system; we are thrilled to be able to support the Company and its experienced team.”