Belgium-based food and crop protection product developer Biotalys has increased a series C round featuring agrochemical producer Globalchem to €45m ($50.9m) following a $11.3m second close.
The second tranche featured Novalis LifeSciences and unnamed existing investors. It followed $38.6m in August 2019 from investors including Globalchem, research institute VIB, Qbic, Sofi, Ackermans and van Haaren, Participatiemaatschappij Vlaanderen (PMV), Gimv, Sofinnova Partners, Kirkland and Ellis, Agri Investment Fund, Biovest and Madeli Participaties.
Spun out of VIB and formerly known as AgroSavfe, Biotalys is developing protein-based chemicals that protect crops from pests and diseases using formulations that replicate naturally-occurring biology to avoid harsh side-effects.
The series C proceeds will go to developing Biotalys’s lead asset, BioFun-1, a biofungicide for fruit and vegetables, ahead of a US commercial release slated for 2022, in addition to manufacturing and regulatory registration, and the acceleration of the company’s product pipeline.
Marijin Dekkers, former chairman of Novalis LifeSciences, will join the Biotalys board of directors as an observer.
Biotalys closed an $11.7m series B round backed by Globachem, Sofinnova Partners, VIB, Qbic, Gimv, PMV, Madeli Participaties and Biovest in 2017. It followed a $6.7m series A round in 2013 that included $2.7m from Gimv’s Gimv-Agri+ Investment Fund and additional capital from VIB, Qbic, PMV and Sofi.
