Biopesticide developer AgroSavfe, a VIB spinout, has raised more than $38m in series C funding from investors including Qbic.
AgroSavfe, a Belgium-based biopesticide developer spun out of Vlaams Instituut voor Biotechnologie (VIB), on Tuesday completed a €35m ($38.6m) series C round involving VIB and university venture fund Qbic.
The deal also included spinout-focused investment fund Sofi, agrochemical supplier Globachem, Flemish government-owned investment firm Participatiemaatschappij Vlaanderen (PMV), private equity firm Gimv and VC firm Sofinnova Partners.
Investment group Ackermans and van Haaren, Agri Investment Fund, Kirkland and Ellis, Biovest and Madeli Participaties also participated in the round.
Spun out of VIB in 2013, AgroSavfe is working on protein-based pesticides that protect seeds, crops and food from pests including fungi and insects.
The products are intended to supplant conventional pesticides which use synthetic chemicals and may therefore cause contamination as they seep into soil, water and grass in the targeted plantation.
AgroSavfe intends to use the series C capital to develop, register and manufacture its products, starting with a biofungicide slated for US commercial release in 2022 before planned launches in Europe and other regions.
Proceeds will also help accelerate the development of the rest of AgroSavfe’s biopesticide portfolio.
Sofinnova Partners supplied an undisclosed sum in 2017 to bring AgroSavfe’s series B round to $11.7m, following an initial $8.9m close in 2016 backed by VIB, Qbic, Globachem, PMV, Gimv, Agri Investment Fund, Madeli Participaties and Biovest.
AgroSavfe had already raised $6.8m in a 2013 series A round that included VIB, Qbic, PMV and Sofi as well as Gimv’s Gimv-Agri+ Investment Fund.