UK-based crop provider Tropic Biosciences closed a $28.5m series B round today featuring conglomerates Sumitomo and Tekfen, which invested through Sumitomo Corporation Europe and Tekfen Ventures respectively.
Temasek led the round, which included Genoa Ventures, Agronomics, Skyviews Life Science, Pontifax AgTech, Five Seasons Ventures, Emerald Technology Ventures, Bits x Bites and the UK Science & Innovation Seed Fund.
Founded in 2016, Tropic Biosciences uses gene editing to provide versions of tropical crops such as bananas or coffee it claims can be grown more efficiently and sustainably, with more resistance to disease. It plans to expand into rice later this year.
Gilad Gershon, Tropic Biosciences’ chief executive, said: “Together we are taking another major step forward in building a leading seed business that addresses the unique needs of growers in tropical nations.
“Humanity’s battle against the Covid-19 pandemic is rapidly accelerating the need for technological solutions that promote food security on a global scale. We look forward to working with the public and our commercial partners, to deliver agricultural innovation where it is most needed, and to the people who would most benefit from it.”
The company had closed a $10m series A round in June 2018 co-led by Five Seasons Ventures and Pontifax AgTech and backed by Tekfen Ventures, Emerald Technology Ventures, Bits x Bites, Midven-RSF and family offices representing Gigi Levy-Weiss and Antonio Moreira Salles.
