Inocucor Technologies Inc., a Montreal, Canada-based developer of sustainable microbial crop accelerators, raised an additional $6m in an extended Series A financing.
Backers included Cycle Capital Management, Desjardins Innovatech, Red Metal Capital and Closed Loop Capital.
The company intends to use the funds to scale-up its Garden Solution®.
Led by Donald R. Marvin, president and CEO, Inocucor has developed and provides a bio-stimulant product, Garden Solution, which is produced through fermentation akin to winemaking to increase the microbial diversity of soils and the speed delivery of nutrients to plants, thereby improving crop yields.
Approved for sale in 27 U.S. states, Garden Solution is currently in use by farmers and greenhouse growers in North Carolina, South Carolina, Florida, Georgia and Virginia.
The company’s growth strategy is focused on establishing commercial partnerships and to make strategic acquisitions to commercialize its proprietary microbial consortia technology and broaden its product pipeline.
In June, Inocucor will launch a follow-on equity financing round to support opening a U.S. office and will also expand large-scale field trials and commercialization activities in North and South America for its second- and third-generation cell-free biological formulations for bio-stimulation, proprietary new biological entities and active compounds for bio-fertility and bio-protection.