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Crop Enhancement bags $8M from its Series B Round of financing
Fremont, CA: The company Crop Enhancement is an innovator of sustainable agrochemical products that nourish and enhance the yield of crops. It recently raised $8 million in a Series B round of financing led by Spruce Capital Partners/MLS. Some existing investors such as 1955 Capital, Phoenix Venture Partners, and Cavallo Ventures, and new investors Davinia Investments and Alexandria Ventures, have also participated in the round.
The proceeds of the financing round will be utilized to support the strategic partnership between the development of agrochemical companies and regional distributors, widen the focus on field trial targets in high-value fruit and vegetable segments, and advance regulatory efforts in the US, EU, Brazil, and Central America.
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“This latest financing reflects the successful de-risking of multiple aspects of our business: we’ve advanced our core technology, brought in top talent, addressed regulatory requirements, and cultivated several market-entry approaches,” said Kevin Chen, Ph.D., CEO of Crop Enhancement. “Helping growers protect or enhance crop yield is even more important during the current crisis. We are grateful for the support of our investor syndicate and look forward to welcoming other like-minded organizations and investors to join our mission.”
[vendor_logo_first]The company has developed proprietary sustainable bio-compatible chemicals that protect plant surfaces, like leaves, stems, and fruits to enhance its resistance to pests and diseases. Crop Enhancement’s first product, CropCoat, offers a new sustainable solution with useful modes of action that demonstrates yield protection and enhancement similar to synthetic chemistries in major global crops. CropCoat can also be used along with agricultural inputs like nutrients and other active ingredients.
“Today’s consumers are increasingly aware of and concerned about how their food was grown and made. In response, the agriculture and food industries are investing in new approaches to improve production,” said Greg Young, managing director at Spruce Capital Partners. “That’s why we’re so excited about Crop Enhancement, whose technology provides growers with crop protection solutions that employ softer and safer chemistries.”
“A growing middle class coupled with economic advancement across Southeast Asia, Central America, and Africa, has ratcheted up pressure on growers globally to improve crop production output and sustainability,” said Andrew Chung, managing partner at 1955 Capital. “We’re pleased to be supporting Crop Enhancement as they pursue their mission to help growers around the world face this macro trend.”
The latest Series B raise along with recent appointments of experts Jean Pougnier and Dr. Damian Hajduk to its leadership team has enabled Crop Enhancement to focus more resources on its go-to-market initiatives and broaden the company’s IP portfolio.
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