The global population is set to grow to nearly 10 billion people by 2050 and food demand is rising even faster as diets are changing globally. But food production is already highly unsustainable and accounts for 37% of global warming.
Two key issues are the production and use of fertilizer which leads to 5% of global warming and the expanding farmland and deforestation, known as land-use change, that have contributed ⅓ of all greenhouse gas emissions. Add to that the many problems with pesticide contamination of the water and food supply, eutrophication of water bodies and air pollution from fertilizer use and it is clear that farming-as-usual cannot go on. The current situation is also not good for farmers who are facing economic strain due to climate change, regulatory changes and increasing prices on farm inputs. Fertilizer prices have doubled over the last four years and agrochemicals often cost up to 50% of a farmer’s revenue.
In that context, Odense-based bioindustrial startup Bioomix announced it has raised €6.3 million in fresh funding. The round was led by West Hill Capital and featured participation from new investors, alongside continued support from existing backers, including PreSeed Ventures, Planetary Impact Ventures, HBL Invest, and David Hollidge.
An obvious sign of being in a good position as a venture-backed company is when your investors choose to reinvest in new rounds. Founded in 2021, Bioomix’s most recent funding round clearly demonstrates the startup’s great position as many existing investors decided to make a strong follow-on investment.
Anders Kjær, PSV DeepTech Fund Director of Danish PreSeed Ventures: “In our upcoming DeepTech Fund we have made an unwavering commitment to only support technology and products that are right for the world and for the end customer. Bioomix is a driving force within this field as they work towards eliminating pesticides, antibiotics, and synthetic fertilizers from agriculture.”
Planetary Impact Ventures has also made a follow-on investment. Managing Partner, Thomas Høgenhaven, commented:
“There is an urgent need to foster living soils, reduce the need for fertilizer, adapt to changing climate, and decrease leaching of nitrogen to rivers. We need to foster new solutions that are respectful and humble to soil diversity. Solutions that can help more farmers transition to regenerative farming practices. We see Bioomix as a shining light finding and growing local microbes to help solving some of our times biggest problems.”
CEO and co-founder, Morten Andersen, added: “We are profoundly grateful for the unwavering support from both our existing and new investors. With this infusion of capital, we can accelerate the development and manufacturing of innovative microbial solutions for farmers, promoting sustainable, productive, and profitable food production. Our vision remains — to support farmers, make agriculture more sustainable, reduce its environmental impact, combat deforestation, and address the global food security challenges. This investment propels us closer to achieving that mission. A mission more critical than ever.”
Read the orginal article: https://www.eu-startups.com/2023/10/danish-biotech-bioomix-raises-e6-3-million-to-make-agriculture-more-sustainable-with-microbial-solutions/
