Belgium-based agricultural technology provider Aphea.Bio increased a series B round featuring environmental care product supplier Group De Ceuster to €18m ($21.8m) today with an extension from European Circular Bioeconomy Fund.
The $16.8m first close was led by Astanor Ventures and included Group De Ceuster, KU Leuven’s Gemma Frisius Fund, Qbic II, V-Bio Ventures, Université catholique de Louvain’s Vives Fund, PMV and Agri Investment Fund.
The initial funding was revealed in November 2019 but Aphea.Bio confirmed in its latest announcement that the tranche closed the previous month.
Aphea.Bio produces naturally derived pesticides and stimulants to protect farm crops and boost yields by improving nutrient uptake and killing noxious bugs and vermin. The capital will help it further develop its portfolio of biostimulant and biofungicide products toward regulatory approval and commercial launch.
The company emerged from stealth in 2017 as a spinout of Ghent University, KU Leuven and VIB, the last of which participated in a $8.7m series A round the same year that was led by V-Bio Ventures and backed by Group De Ceuster, Qbic II, Vives, Gemma Frisius Fund, PMV and Agri Investment Fund.
The original version of this article appeared on our sister site, Global University Venturing.