Tropic Biosciences raises $10m Series A Funding from Pontifax AgTech

By StartUp City | Friday, November 30, 2018

Tropic Biosciences, a Norwich, UK-based leader in the development of new plant varieties in the massive tropical agriculture industry using CRISPR Gene Editing, closed a $10m Series A funding round. The round was led by AgriTech investor Pontifax AgTech and Five Seasons Ventures. These companies are joined by several co-investors including Tekfen Ventures and Emerald Technology Ventures.

Tropic Biosciences is a biotechnology company focused on utilizing advanced plant breeding and gene editing technologies to develop commercial tropical crops, namely coffee, and bananas. The revenue from the round will be used to support the commercialization of the company’s novel non-GMO coffee and banana varieties and allow its global expansion into additional promising crop segments.

The gene editing techniques used by Tropic Biosciences help to accelerate breeding and also to address some of the significant disease and supply chain issues that crops face by preventing the development of naturally occurring traits.

Tropic Biosciences was founded in 2016 by Dr. Eyal Maori (CSO), also co-founder of Beelogics; Dr. Ofir Meir (CTO), former project manager at Rosetta Green; and Gilad Gershon (CEO), an experienced AgriTech private equity investor.  

Gilad Gershon and Dr. Eyal Maori, added: "We are wholly committed to enacting real change in the global agriculture industry. We aim to aid growers by bringing genetic innovation to crops and geographies that have seen little such innovation to date; to promote global health and consumer well-being by developing highly nutritious versatile plant varieties.”

The company currently employs 17 experienced professionals and is based in the world-renowned John Innes Centre, Norwich, where it enjoys considerable access to cutting-edge tools and facilities, as well as a highly qualified workforce.

“Gene editing is a transformative technology which represents a huge global opportunity, with potential in not just the biotech industry but also in the wider agriculture supply chain. In Tropic Biosciences’ highly experienced team, we and our co-investors see the potential to redefine consumer health, nutrition, and improved yields”, added Ben Belldegrun, founder and managing partner of Pontifax AgTech, who has been appointed to the board of directors for Tropic.

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