US-based accelerator AgTech Accelerator has received $11.5m in initial funding from a consortium led by property investor Alexandria Real Estate Equities that included chemical and pharmaceutical company Bayer and agribusiness Syngenta.
Syngenta invested through its corporate venturing arm, Syngenta Ventures, while Alexandria participated through its Alexandria Venture Investments unit and Bayer invested through its agribusiness-focused subsidiary, Bayer CropScience.
The corporates were joined by Arch Venture Partners, the venture capital firm spun out of Chicago University, as well as Flagship Ventures, Harris & Harris Group, Hatteras Venture Partners, Pappas Capital and Mountain Group Capital.
AgTech Accelerator is located at the Research Triangle Park in North Carolina and will focus on US-based startups in the agribusiness sector, seeking opportunities across the entire spectrum from farming to selling.
The vehicle has formed a strategic partnership with Accelerator Corporation to tap into the latter’s expertise around investment and company building.
Participating startups will gain access to funding and facilities, industry experts and institutional partners. Companies that show promise will be able to raise follow-on funding from the accelerator’s investors.
AgTech Accelerator will source potential businesses from partners including Duke University, North Carolina State University, Penn State University, Purdue University, University of North Carolina at Chapel Hill, Washington State University and University of California, Davis.
The accelerator’s board of directors includes Derek Norman, head of corporate venture capital at Syngenta; Joel Marcus, chairman, CEO and founder of Alexandria; Kristina Burow, managing director at Arch Venture Partners; and Thong Le, CEO of Accelerator Corporation;