Ackermans & van Haaren and existing investor Globachem contributed to the $38.9m series C round, which will support the launch of Agrosavfe's first biofungicide product in the US.
Belgium-based biopesticide developer AgroSavfe secured €35m ($38.9m) on Tuesday in a series C round that included $11.1m from diversified conglomerate Ackermans & van Haaren.
Agrochemical producer Globachem and life sciences research institute VIB also took part in the round, as did Gimv, PMV, Madeli Participaties, Qbic Fund, Biovest, Agri Investment Fund, Sofinnova Partners and K&E.
AgroSavfe, which was spun out of VIB in 2013, uses its Agrobody platform to produce protein-based biofungicides that are designed to provide sustainable protection for crops.
The platform also supports the creation of products that improve farming yields, help produce healthier food and fight diseases as well as crop pests.
The series C proceeds will be used to fund the development, registration and production of the company’s products, with the US launch of its first biofungicide offering expected to take place in 2022.
AgroSavfe increased the size of its series B round to $11.7m in March 2017, following a commitment from Sofinnova Partners. It came after Globachem, VIB, Gimv, PMV, Agri Investment Fund, Madeli Participaties, Qbic Fund and Biovest backed the round’s $8.6m first tranche in October 2016.
The companhy had already raised $6.6m in a 2013 series A round that included Gimv’s Gimv-Agri+ Investment Fund, VIB, PMV, Qbic and Sofinnova Partners.