AgroSavfe, a biopesticide developer spun out of life sciences research institute VIB, has increased its series B round featuring Flemish government-owned investment firm PMV to €11m ($11.7m) after securing funding from VC firm Sofinnova Partners.

The round’s €7.8m first tranche closed in October 2016, with the funding provided by VIB, multi-university venturing fund Qbic Fund, agrochemical producer Globachem, Gimv, Agri Investment Fund, Madeli Participaties and Biovest.

AgroSavfe was spun out of the VIB facility at Free University of Brussels’ Department of Molecular and Cellular Interactions in 2013.

AgroSavfe is developing small anti-fungal proteins it calls Agrobodies that will form the basis of a class of pesticides that bind to the target molecules of pests and diseases that affect crops.

The series B capital will support continued development of the Agrobodies as well as the international registration process.

AgroSafve had raised €5m in series A funding from VIB, PMV, Qbic, Gimv’s Gimv-Agri+ Investment Fund and Sofi in 2013.

Lieven De Smedt, chairman of AgroSavfe, said: “Started in 2013 as a spin off from VIB, AgroSavfe has now become a truly international agtech company with a proven technology platform, an experienced team and a board with top-league seasoned investors and entrepreneurs.”

– A version of this article first appeared on our sister site Global Corporate Venturing.

Belgium-based biopesticide developer AgroSavfe has increased the size of a series B round featuring agrochemical producer Globachem to €11m ($11.7m) after securing funding from venture capital firm Sofinnova Partners.

The round’s €7.8m first tranche closed in October 2016, with the funding provided by Globachem, VIB, Gimv, PMV, Agri Investment Fund, Madeli Participaties, Qbic Fund and Biovest. The company was spun out of life sciences research institute VIB in 2013.

AgroSavfe is developing small anti-fungal proteins it calls Agrobodies that will form the basis of a class of pesticides that bind to the target molecules of pests and diseases that affect crops.

The series B capital will support continued development of the Agrobodies as well as the international registration process. AgroSafve had raised €5m in series A funding from Gimv’s Gimv-Agri+ Investment Fund, VIB, PMV, Qbic and Sofi in 2013.

Lieven De Smedt, chairman of AgroSavfe, said: “Started in 2013 as a spin off from VIB, AgroSavfe has now become a truly international agtech company with a proven technology platform, an experienced team and a board with top-league seasoned investors and entrepreneurs.”