Inocucor Technologies Inc., a Montreal, Canada-based producer of sustainable biological crop inputs, completed a CAD$38.8m first close of its Series B financing round.
The lead investor in the first close was TPG Alternative and Renewable Technologies (TPG ART), with participation from Cycle Capital Management, Desjardins Innovatech, and Closed Loop Capital. In conjunction with the investment, Geoff Duyk, partner at TPG ART, joined Inocucor’s board of directors.
The company intends to use the funds to open a U.S. headquarters and commercialization office, increase manufacturing capacity at its Montreal-based pilot production and R&D facility, and add managerial and scientific expertise to the staff.
Led by President and CEO Donald R. Marvin, Inocucor uses a patented fermentation process to combine multi-strains of bacteria and yeasts into safe soil and plant optimizers. Its flagship product, Garden Solution®, soon to be rebranded in the U.S. as Synergro™, is a live-cell formulation for high-value produce, such as strawberries, tomatoes, lettuce and broccoli. Synergro FreeTM is a cell-free bio-fertilizer additive to existing plant nutrients for commodity row crops, such as soybean, corn and wheat.
New-product development pipeline includes bio-control formulations that combat economically devastating diseases in crops such as strawberries, tomatoes and potatoes.
Inocucor is currently starting internal and external field trials for the 2017 growing season based on data collected from row crop field trials with commercial partners in Latin America and North America.