Montreal located start-up which is focused on sustainable biological crop products, Inocucor announced that it has raised USD 38.8M in series B funding round. The round was led by a late stage VC vehicle that’s keen on startups who reduce environmental impact and increase resource efficiency, TPG Alternative and Renewable Technologies (TPG ART).
The capital will be utilized to expand across US by opening a headquarter in US and commercialization office, recruiting scientific & managerial expertise in their staff and increasing production capacity at Inocucor’s Research & Development facility.
The start-up previously has raised USD 6 million in series A round in the year 2016. Many same investors participated in the latest round including- Philadelphia located Closed Loop Capital, which focuses on investing agricultural technologies, Montreal based cleantech venture capital fund which made its first investment in Inocucor in the year 2013, Cycle Capital Management and Desjardins Innovatech.
The company deploys a patented fermentation process to produce plant & soil optimizers which are environment friendly and safe for people. The products offered are meant to enhance crop yields, create more resilient and healthier soils for greenhouse growers and farmers and shorten the growing period.
Inocucor claims to develop new range of products including bio-control formulas that combat diseases which significantly affect the economy like potatoes, tomatoes and strawberries.
Inocucor’s president and CEO Donald R. Marvin said that the specialty agriculture sector has a need for sustainable ways to help growers improve their crop yields.
“Our corporate strategy includes staking our claim as a market leader in this emerging segment by growing organically with our own proprietary microbial consortia technology, while also pursuing strategic acquisitions and product development partnerships in North America, Latin America, and Western Europe,” said Marvin.
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