Agrisoma Biosciences Inc., the Gatineau, Quebec based developer of Carinata, the only scalable agricultural feedstock for next generation biofuels, today announced the prior closing of a $15.4 million Series B financing round, co-led by new investor Groupe Lune Rouge and current investors Cycle Capital Management, and BDC Venture Capital.
The financing closed in late 2016. Catherine Vu, CFO at Groupe Lune Rouge, has joined the board of directors at Agrisoma, concurrent with the closing.
“This funding is enabling us to further the expansion of our business to international markets for our sustainable crop Carinata. The Series B funding was used to develop and execute our new commercial programs in South America, as well as to initiate deliveries of commercial scale volumes of Carinata feedstock to new customers around the world. The funding was also used to develop key markets for the nonGMO, sustainable animal feed co-product, positioning the Carinata business for rapid expansion and scaling of production servicing both the biofuels industry and the growing demand for sustainably produced protein in the animal feed industry. The addition of new shareholder expertise with a focus on sustainability, the environment and global business experience, along with additional support from current shareholders highlights our opportunity and progress with the commercialization of Carinata,” commented Steven Fabijanski, President and CEO of Agrisoma Biosciences.
In July 2014, BDC Capital led Agrisoma Biosciences Series A financing round and joined existing investor Cycle Capital.
In April 2015, a group of investors led by its management team acquired 22% in the company previously held by Calyx Bioventures.
photo credit: Agrisoma Biosciences