Tomatoes on a greenhouse vine. Photo: Inocucor
Inocucor Technologies Inc., a leading producer of sustainable biological crop inputs, announced Tuesday the completion of the $38.8 million CAD first close of its Series B financing round.
The lead investor in the first close is TPG Alternative and Renewable Technologies (TPG ART), a growth-equity and late-stage venture capital vehicle of global alternative asset firm TPG.
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.
“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 Geoff Duyk, partner at TPG ART.
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In connection with the investment, Duyk joined Inocucor’s board of directors.
Other participants in this first Series B round are Cycle Capital Management, the Montreal-based clean tech venture capital firm that made its first investment in Inocucor in late 2013; Desjardins Innovatech, another original investor and the venture capital group of Desjardins, one of Canada’s leading cooperative financial groups with more than $200 billion in assets; and Closed Loop Capital, an early-stage venture capital fund investing in agriculture technologies and food system innovations.
Funds will 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.