CPE News (8.22.2022) – Vive Crop Protection has closed US $26 million Series C investment round led by Conexus Venture Capital’s Emmertech Fund with participation from the Cibus funds, and existing investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), and Urbana Corporation. Vive has also secured debt financing from Silicon Valley Bank (SVB).
Fort Capital Partners acted as financial advisor and Osler, Hoskin & Harcourt LLP acted as legal counsel.
The financing closed in Q2 2022 and Vive said it will have a second close in the next quarter to accommodate top-tier investor groups still completing diligence – all strategically focused on next-generation agriculture technology.
photo credit: Vive Crop Protection
Vive Crop Protection Closes Funding Round, Accelerating Its Precision Chemistry Platform
Led by Canadian Agtech venture capital fund Emmertech
Participation from the Cibus funds, Silicon Valley Bank, and existing investors
Capital planned for expanding commercial footprint, R&D pipeline
TORONTO, Aug. 22, 2022 /PRNewswire/ – Vive Crop Protection announced today the close of its USD $26 million Series C investment round. The round was led by Emmertech with participation from the Cibus funds, and existing investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), and Urbana Corporation. Vive has also secured debt financing from Silicon Valley Bank (SVB) to provide both working and growth capital in support of their continued expansion.
Vive will have a second close in the next quarter to accommodate top-tier investor groups still completing diligence – all strategically focused on next-generation agriculture technology.
Vive will leverage its newest funding to accelerate the commercial deployment of its next-generation product portfolio into new North American markets while advancing its research and development pipeline.
“The investment by Emmertech, the Cibus funds, and existing investors, and the debt financing provided by Silicon Valley Bank underscores our success in delivering innovative solutions to farmers,” says Darren Anderson, Chief Executive Officer of Vive Crop Protection. “We’re extremely excited about how these new relationships will propel our business to the next level, including into global markets.”
Vive’s proprietary Allosperse® technology is a nanoscale, polymer-based delivery system that improves the targeting and performance of both synthetic and biological active ingredients, enhancing farmers ROI and sustainability profile.
“Since 2018, our products are estimated to have saved farmers 34 million gallons of water, 189,000 gallons of fuel, and 15,000 hours of farm labor,” says Anderson. “In addition, feedback from our annual customer satisfaction survey has been overwhelmingly positive with 97% of respondents indicating their desire to re-use Vive products.”
In the last 18 months, Vive has experienced rapid growth which is evident in new product registrations, and increases in customer base, employment roster, and revenue – which has more than doubled from sales of its seven EPA-registered products.
Following Vive’s 2021 U.S. launch of AZterknot® fungicide, sales opportunities in new crop segments have been significant. Registered across a broad spectrum of crops, AZterknot demonstrates Vive’s ability to more effectively deliver both biologicals and synthetic active ingredients in a single jug.
In its first full marketing season of 2022, AZterknot sales exceeded expectation with product use on more than 50,000 U.S. acres. “AZterknot showcases our ability to deliver biologicals with proven chemistry,” says Anderson. “As the demand for biologicals increases, Allosperse will be an important technology for bringing more bio-based offerings to market.”
Kyle Scott, Managing Director of Conexus Venture Capital & Emmertech, says, “We are thrilled to be backing Vive’s outstanding team and the trust they’ve built among farmers with solutions that are efficient, sustainable, and profitable. We look forward to supporting Vive with their R&D infrastructure and entrance into global markets.”
Vive is also pleased to announce the appointment of Kyle Scott to its Board of Directors.
Alastair Cooper, Head of Venture at the Cibus funds, says, “Our investment underlines our commitment to disruptive companies like Vive who place innovation at the core of their business model. As agriculture continues to embrace new technology, we believe Vive products will become increasingly important for maximizing on-farm efficiency and sustainability.”
Graeme Millen, Managing Director and Climate Tech & Sustainability lead in Canada for Silicon Valley Bank, says, “Vive’s unique technology exemplifies the power of next-generation solutions to create sustainable yet profitable outcomes for stakeholders. This approach aligns with SVB’s role as an active partner for high impact Agtech companies and we’re excited to support Vive’s important mission.”
Seven commercially available products used on more than 2 million acres of U.S. farmland in 2022
First to launch a three-way fungicide that combines Allosperse with biological and synthetic chemistries
Intellectual property portfolio of more than 100 patents granted with others pending, plus R&D capabilities
Recognized as one of Canada’s Sustainability Changemakers for 2022 by the Sustainable Development Technology Canada (SDTC) organization
Corporate recipient of numerous international awards for its innovative Allosperse technology
Vive recognizes Fort Capital Partners for their advisory role in this funding round.
About Vive Crop Protection
Vive creates Precision Chemistry to expand the horizons of Precision Ag. Utilizing the patented Allosperse® Delivery System, Vive improves the targeting and performance of chemical and biological active ingredients, helping growers achieve real results. Learn more at vivecrop.com.
About Conexus Venture Capital’s Emmertech Fund
Emmertech is an agtech fund built from the industry outwards, with an investor base which includes some of Canada’s most innovative farmers, agribusiness owners, agriculture-centred insurers and financial institutions, and Canada’s biggest agricultural province through Innovation Saskatchewan. Emmertech is fund-managed by Conexus Venture Capital, built with the vision that Canada can become a global leader in agriculture innovation if our founders are given proper access to early stage venture capital. Learn more at emmertech.ca.
About the Cibus funds
The Cibus funds are advised by ADM Capital Europe LLP. The Cibus Enterprise strategy invests in innovative venture Agrifood Tech companies that adopt technologies to enable the profitable and sustainable capture of high-growth markets. Learn more at cibusfund.com.
About Silicon Valley Bank
Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.
About Urbana Corporation
Urbana Corporation is a diversified corporation with a focus on financial services, information services and innovative technologies. The long-term goal of Urbana is to seek and acquire investments for income and capital appreciation through a combination of public and private investments. The portfolio mix of actively managed publicly traded securities with private equity investments has generated significant long-term investment results. Learn more at urbanacorp.com.
SOURCE Vive Crop Protection