Agrisoma raises CA$15.4 million for global expansion
Agrisoma Biosciences has announced that it has successfully concluded a CA$15.4 million Series B financing round, co-led by new investor Groupe Lune Rouge and current investors Cycle Capital Management, and BDC Venture Capital. The funds are being used to support the "global expansion" of Agrisoma's business.
Canada-based Agrisoma Biosciences Inc., an agricultural company that has commercialized Carinata, (Brassica carinata or Ethiopian mustard) a non-food oilseed crop designed for biofuel production, announced April 10 the prior close of a CA$15.4 million Series B financing round, co-led by new investor Groupe Lune Rouge and current investors Cycle Capital Management, and BDC Venture Capital.
According to a statement, Agrisoma is expanding the production Carinata globally to provide a supply of sustainable, nonfood oils for meeting the demand for sustainable low-carbon biofuels, with a strong emphasis on the growing demand for advanced biofuels while providing farmers with additional income opportunities. This Series B round is used to support the global expansion of Agrisoma’s business.
– This funding is enabling us to further the expansion of our business to international markets for our sustainable crop Carinata. The Series B funding was used to develop and execute our new commercial programmes in South America, as well as to initiate deliveries of commercial scale volumes of Carinata feedstock to new customers around the world. The funding was also used to develop key markets for the non-GMO, sustainable animal feed co-product, positioning the Carinata business for rapid expansion and scaling of production servicing both the biofuels industry and the growing demand for sustainably produced protein in the animal feed industry. The addition of new shareholder expertise with a focus on sustainability, the environment, and global business experience, along with additional support from current shareholders highlights our opportunity and progress with the commercialization of Carinata, said Steven Fabijanski, President and CEO of Agrisoma in a statement.
– We are very proud to be associated with Agrisoma and to contribute to the development of the company. Agrisoma brings a sustainable solution to renewable energy and climate change. We are thrilled to become part of this, said Catherine Vu, Chief Financial Officer at Groupe Lune Rouge.
Vu has joined the Board of Directors at Agrisoma, concurrent with the closing. Having spent most of her career at Cirque du Soleil in Corporate Finance and Investments, she brings deep expertise in financing, operations, and management of global businesses.
– Agrisoma represents the future of the aviation industry. By growing Carinata and producing oil for bio jet fuel, it demonstrates how a technology-based company can have a global impact by reducing GHG emissions in an industry known for its significant carbon footprint. Cycle Capital is very proud to be part of this green revolution, said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital Management.