Cheshire-based CroBio, an agtech startup on a mission to reshape the future of agriculture by harnessing the power of enhanced microbes, announced the completion of a €1.45 million seed round, led by a group of US investors including The Grantham Foundation for the Protection of the Environment, with participating investors – SOSV and Ponderosa Ventures, and with continued support from the Catapult Ventures Group.
CroBio’s innovative approach to tackling drought and soil regeneration involves using microbes that express a sponge-like material around crop roots, which also contributes to reducing greenhouse gas emissions.
“During this critical time for our planet, we must develop solutions to reduce GHG emissions to combat global warming and increase global resources to feed an estimated 10 billion people by 2050. This will require boosting food production by 50% – CroBio’s innovation seeks to deliver this necessity,” said Wayne Mulhall, Co-founder and CEO of CroBio
“This funding will enable us to conduct field trials with key strategic partners and expand our geographical reach. Agtech is emerging as a key player in mitigating global climate change and ensuring food security worldwide. My father Wayne and I are proud to be at the forefront of a community that is pushing the boundaries of biological products to meet these critical challenges. We are grateful to our group of investors who are committed to planetary health and sustainable futures, and who will advance CroBio’s goal of enhancing global drought resilience in agriculture,” commented Ross Mulhall, Co-founder and Chief Scientific Officer of CroBio.
“Droughts are a critically overlooked feedback loop exacerbating climate change. We are excited to be supporting CroBio’s mission to improve drought resilience in agriculture,” added Sam Lefkofsky, The Grantham Foundation for the Protection of the Environment.
CroBio was founded in 2019 by Ross Mulhall during the YES19 competition at Syngenta’s Jealott’s Hill Facility. With the support of his father, Wayne Mulhall, the company was established through a bootstrap funding round and intellectual property was secured.
In 2020, CroBio leveraged a modest initial investment from Catapult Ventures GM&C Life Sciences Fund to develop and refine their bacterial strains for greenhouse trials. In 2023, the company gained a significant foothold by securing a $525,000 investment from SOSV and a spot in the IndieBio program, an SOSV start-up accelerator based in New York City. IndieBio is renowned for transforming top scientists and researchers into entrepreneurs by empowering them to launch companies that lead in innovation and industry breakthroughs.
Read the orginal article: https://www.eu-startups.com/2024/04/british-agtech-crobio-secures-e1-45-million-seed-to-enhance-agricultural-drought-resilience-with-soil-microbes/
