Crop Enhancement, a Cambridge, MA-based developer of sustainable chemistry formulations for agriculture applications, closed $8.5m Series B financing.
The round was co-led by MLS Capital Fund II (co-managed by Spruce Capital Partners and Xeraya Capital) and 1955 Capital with participation from Bandgap Ventures and original investor Phoenix Venture Partners. As part of the transaction, Greg Young from Spruce Capital Partners and Andrew Chung from 1955 Capital joined Crop Enhancement’s board of directors.
The company inrends to use the funds to accelerate development and commercialization of its products.
Founded in 2011 by David Soane, Ph.D., and led by Kevin Chen, Ph.D., CEO, Crop Enhancement is commercializing a new set of environmentally friendly chemistry formulations that enable growers to sustainably increase crop yields.
In order to boost crop yields in North America, Southeast Asia, Greater China, Latin America, and Africa, the company has developed proprietary films and formulations that modify plant surfaces (leaves, stems, fruit, and seeds) to improve their resistance to pests and diseases and decrease the need for harmful pesticides. Crop’s formulations can also be applied to agricultural inputs like nutrients, fertilizers and other active ingredients, enabling the farmer to control their release, thereby reducing costs and increasing yield.