Arcadia Biosciences, a US-based agricultural biotechnology company backed by chemical producer BASF, filed for an initial public offering yesterday and is aiming to raise $86.3m.
Arcadia develops agriculture-based technology that helps crops grow more effficiently in a range of conditions.
The company has raised $101m to date, most recently securing $33m from BASF Venture Capital, BASF’s corporate venturing unit, as well as Mandala Capital, CMEA Capital, Saints Capital and additional undisclosed investors, in a May 2014 series D round.
BASF also backed a $15m round raised by Arcadia in 2008 that included CMEA, Saints and investment vehicle Exeter Life Sciences.
Moral Compass, formerly known as Exeter Life Sciences, is Arcadia’s largest shareholder, owning a 77.1% stake. Mandala Capital holds 11.5% and seed producer Vilmorin & Cie 6.6%.
Credit Suisse, JP Morgan and Piper Jaffray are serving as underwriters for the offering.