Inocucor Technologies Inc. has raised $38.8 million in its first close of its Series B financing round led by TPG Alternative and Renewable Technologies (TPG ART), a growth-equity and late-stage venture capital vehicle of TPG. Other investors include Cycle Capital Management, Desjardins Innovatech, and Closed Loop Capital.
In connection with the investment, Geoff Duyk, Partner of TPG ART, has joined Inocucor’s board of directors.
“This investment speaks to TPG ART’s strategy of partnering with unique companies that are deploying innovative business models and technologies to reduce environmental impact and promote resource efficiency,” said Duyk. “We’re excited to work with Inocucor’s management team and other investors to help grow the company.”
New funds will be used support opening a U.S. headquarters and commercialization office, significantly increasing manufacturing capacity at Inocucor’s Montreal pilot production and R&D facility, and adding managerial and scientific expertise to Inocucor’s staff.
Inocucor uses a patented fermentation process to combine multi-strains of bacteria and yeasts into powerful soil and plant optimizers that are safe for people and the environment. These products naturally improve crop yields, shorten growing periods and create healthier, more resilient soils for farmers and greenhouse growers.
Inocucor’s flagship product, Garden Solution, soon to be rebranded in the U.S. as Synergro, is a live-cell formulation for high-value produce, such as strawberries, tomatoes, lettuce and broccoli. Synergro Free is a cell-free bio-fertilizer additive to existing plant nutrients for commodity row crops, such as soybean, corn and wheat. Inocucor’s new-product development pipeline includes bio-control formulations that combat economically devastating diseases in crops such as strawberries, tomatoes and potatoes.
“The specialty ag biologicals sector is one of agriculture’s bright spots, answering the need for sustainable agriculture inputs that help growers improve yields and invigorate soil,” said Inocucor’s President and CEO Donald R. Marvin. “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.”
“Inocucor has come a long way since our first investment. It has products on the market, being used by growers who are experiencing positive results. The promise we saw in those early days is coming to fruition,” said Andrée-Lise Méthot, founder and managing partner of Cycle Capital Management.
photo credit: Inocucor