Elicit Plant, an Moulins-Sur-Tardoire, France-based agtech company specialized in crops’ water resistance and in the development of innovative phytosterol-based solutions, raised €16m in Series A financing round.
The round was led by Sofinnova Partners, with participation from ECBF, Bpifrance, and historical investors, Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion. The rest of the funding came from a banking pool and public programs from Region Nouvelle Aquitaine and Bpifrance.
The company intends to use the funds to accelerate commercialization of its products in France and several key markets throughout Europe, North America and South America.
They will also serve to consolidate the scientific platform, expand laboratories, and diversify the portfolio of products to address additional types of crops.
Founded in 2017 by Jean-François Dechant, President and cofounder, Elicit Plant is an agro-biotech company whose proprietary technology platform brings a breakthrough solution in the water stress resistance market, which is part of the €4 Bn global market of biostimulants. Through its laboratories located in a precision farm in the Charente region in France, and its Brazilian branch in Sao Paulo, the company has developed an innovative biostimulant using phytosterol, a molecule found in plants. In April 2021, Elicit Plant obtained market approval from French regulatory authorities, and launched the commercialization of its first BEST-a products addressing corn and soybean crops.
FinSMEs
07/02/2022