Terramera, the Canada-based sustainable pesticide developer that counts corporates Ikea, Sumitomo and The Andersons as investors, has completed a $45m series B round led by Ospraie Ag Science.
Ospraie Ag Science, an agricultural technology vehicle formed by asset manager Ospraie Management, was joined in the round by venture capital fund S2G Ventures.
Founded in 2010, Terramera produces plant-based pest control products for use in agriculture and crop protection as well as in treating bed bug and dust mite infestations.
The funding, which will chiefly be used for technology development, was disclosed in tandem with the appointment of Jeff Booth as chairman. Booth, the founder of home improvement retailer BuildDirect, joined Terramera’s board of directors in October 2018.
In addition to Booth, Ospraie Ag Science will get a seat on the company’s board, as will Carl Casale, formerly chief executive of agribusiness CHS.
Karn Manhas, founder and chief executive of Terramera, claimed: “Terramera’s technology fuses AI, science and nature to create game-changing solutions for agriculture and pest control that will better our lives and ensure the sustainable future of our planet.”
Terramera raised $10m in a May 2016 round led by S2G Ventures that included Maumee Ventures, agribusiness The Andersons’ corporate VC unit, and ACA Investments, an affiliate of conglomerate Sumitomo, as well as Bold Capital Partners, Export Development Canada and Renewal Funds.
Home goods retailer Ikea added an undisclosed amount four months later through its Ikea GreenTech subsidiary.
Business Development Bank of Canada supplied $9.8m in subordinated debt for Terramera in February this year that followed $1.9m in debt financing from the Canadian government’s Sustainable Development Technology Canada initiative in October 2018.
Image courtesy of Terramera Inc.
