AgroSavfe has raised €35m to help launch its first biofungicide in the US, which will eventually be followed by a European roll-out.
The company’s main aim is to develop a new generation of protein-based biocontrols to protect food from farm to fork. Funds from this round will be used to develop, register and scale the company’s biofungicide and bioinsecticide products.
Founded in 2013, AgroSavfe is a spin-off from the Vlaams Instituut voor Biotechnologie (VIB), which was set up to develop a unique technology platform for the design and development of novel protein-based biocontrols that provide safe, sustainable and efficient protection for seeds, crops and food.
Over the last two years, AgroSavfe has run more than 100 field trials of its advanced biofungicide, which is similar to existing synthetic chemical solutions but does not leave any residue. The company says this is beneficial to the environment and adds more value to the farms’ produce, while meeting consumer demand for healthier food.
The firm aims to launch its first biofungicide in 2022 in the US fruit and vegetable market, eventually followed by a European launch.
All of the company’s existing investors participated in the €35m round, including Gimv, Sofinnova Partners, PMV, Agri Investment Fund, K&E, Biovest, Madeli Participaties, VIB and Qbic. One of the new investor groups to contribute to the fund, Ackermans & van Haaren, invested €10m in this round.
AgroSavfe’s CEO, Patrice Sellès, said: “AgroSavfe is rapidly growing as a competitive player in the biocontrol space for food protection based on our unique Agrobody Foundry Platform and our ability to provide growers and food chain actors with innovative, safe and cost-effective solutions aligned with consumers’ demand.
“Having such a diverse and strong team of investors joined by Ackermans & van Haaren is a fantastic asset for the long-term ambitions of our company.”
Piet Bevernage, who represents Ackermans & van Haaren and will now join the board of AgroSavfe, added: “We are very enthusiastic to be able to support the further growth and development of AgroSavfe. The company has a clear strategy, a unique technology platform, an excellent management team and experienced biotech investors.”