Based on research at KU Leuven, Ghent University and VIB, Aphea.Bio is working on a product that can increase crop yield while protecting against fungal diseases.
Aphea.Bio, a Belgium-based biopesticides spinout of VIB, KU Leuven and Ghent University, raised €7.7m ($8.7m) in a series A round on Monday from investors including VIB itself.
The round was led by V-Bio Ventures, an investment fund affiliated with VIB, and included Qbic II, a €40m multi-university venturing fund that invests in spinouts from Ghent University, the universities of Antwerp and Brussels, as well as research organisation Vito.
The Gemma Frisius Fund KU Leuven, a seed-stage vehicle aimed at the university’s spinouts, also participated, as did Vives Louvain Technology Fund, established by Université catholique de Louvain to invest in spinouts and startups based in Belgium and neighbouring countries.
Flemish government-owned investment firm ParticipatieMaatschappij Vlaanderen (PMV), the Agri Investment Fund and Group De Ceuster, which manufactures agricultural products such as fertilisers, also participated.
The series A funding was provided alongside €1.3m in non-dilutive capital.
Aphea.Bio will focus on the development of sustainable agricultural products that rely on microorganisms capable of increasing crop yield while at the same time protecting plants against specific fungal diseases.
Willem Broekaert, managing partner at V-Bio Ventures, said: “We are highly pleased to have built a strong investor consortium that provides the necessary financial backing for this innovative startup company.
“This group of investors also brings along a unique Belgian network and we anticipate through their relationships with scientific institutions and key players in the agricultural sector to further strengthen its position.”
