Tropic will use proceeds to advance the field trials for its novel banana and coffee varieties, as well as further commercialise an advanced GEiGS technology platform
Tropic will use funds from the latest series B financing round to advance the field trials of its novel banana and coffee varieties. (Credit: Rajesh Balouria from Pixabay)
Agricultural-biotechnology company Tropic Biosciences has secured $28.5m series B financing, which will be used to revolutionise the tropical agriculture industry.
Tropic will use proceeds from the deal to advance the field trials for its novel banana and coffee varieties. It will also use the funds to further commercialise an advanced GEiGS technology platform, in addition to the development of high-impact traits in rice.
Temasek, the Singapore-based investment company, has led the series B equity funding round. Sumitomo Corporation Europe, Genoa Ventures, Agronomics, and Skyviews Life Science are the new investors in the latest funding round.
All institutional investors from the 2018 series A round, which are co-led by Pontifax AgTech and Five Seasons Ventures, involved in the current funding round.
The investors include Tekfen Ventures, Emerald Technology Ventures, Bits x Bites, and the UK Science & Innovation Seed Fund. Tropic stated that it has gathered a total equity investment of $40m to date.
Tropic has been developing novel banana varieties that are resistant to Panama Disease
Since 2018, Tropic has been involved in the development of novel banana varieties, which are resistant to Panama Disease (TR4). The TR4 disease is said to be an existential threat to the banana industry.
The GEiGS technology is said to play a significant role to offer an advanced solution to the disease. It is said to act as an enabling factor in its plan to transition to field trials in Latin America and South-east Asia.
The company is also engaged in the development of different banana varieties with longer shelf lives, as well as coffee lines with reduced caffeine and increased solubility.
It will also apply gene-editing techniques to minimise the impact of climate change on rice production and also maintain the plant’s nutritional benefits.
Tropic has signed service agreements with multiple major global agribusinesses to use GEiGS technology platform for the development of disease resistance in plant crops and promote animal welfare.
Tropic Biosciences CEO Gilad Gershon said: “Together we are taking another major step forward in building a leading seed business that addresses the unique needs of growers in tropical nations. Humanity’s battle against the Covid-19 pandemic is rapidly accelerating the need for technological solutions that promote food security on a global scale.
In April, Crop Enhancement, a developer of agrochemical products, secured $8m in Series B funding led by Spruce Capital Partners/MLS, with participation from 1955 Capital, Phoenix Venture Partners, Cavallo Ventures, Davinia Investment, and Alexandria Ventures.