As GCV’s agtech supplement in March noted, modern farming practices, such as the use of soil-based and aerial sensors, drones, data analytics, and pest and pathogen detection systems, are taking hold. When combined with advanced fertiliser formulations, digital farming technologies from startups can substantially reduce nitrogen and nutrient loss and mitigate water pollution.
Enter Pivot Bio, a US-based agriculture technology startup that tries to harness the power of naturally occurring microbes to provide more nutrients to crops, which has raised $100m in its series C round from a consortium including Bunge Ventures and Continental Grain Company but apparently missing one of its B round corporate venturers.
Seed company Monsanto had invested in Pivot’s B round but in the intervening period had itself been acquired by Germany-based peer Bayer, which was not publicly visible among the C round syndicate and was unavailable to confirm at short notice.
Monsanto Growth Ventures’ main partners, John Hamer and Kiersten Stead, however, had moved over to venture capital firm DCVC with the sale of their parent company to Bayer and joined Pivot in the C round again.
It is a reminder that even in a lockdown and the rise of digital options, venture remains a network and relationship-intensive business when it comes to getting a seat at the table.
