Funding

Agtech Startup CroBio Raises €1.45 Million in Seed Funding – FUNDING NEWS

May 1, 2024 | By Startup Rise EU

Cheshire-Based CroBio, an agtech satrtup has raised €1.45 million in seed money with the goal of using improved microorganisms to transform agriculture in the future.

SUMMARY

  • Cheshire-Based, CroBio an agtech satrtup has raised €1.45 million in seed funding to using soil microorganisms to increase agricultural drought resilience.

Cheshire-Based CroBio, an agtech satrtup has raised €1.45 million in seed money with the goal of using improved microorganisms to transform agriculture in the future.

The Grantham Foundation for the Protection of the Environment, along with partner investors SOSV and Ponderosa Ventures, spearheaded this round of funding, with ongoing assistance from Catapult Ventures Group.

Using bacteria that express a sponge-like substance around crop roots, CroBio's novel method to drought management and soil regeneration also helps to lower greenhouse gas emissions.

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The Grantham Foundation for the Protection of the Environment, along with partner investors SOSV and Ponderosa Ventures, spearheaded this round of funding, with ongoing assistance from Catapult Ventures Group.

Using bacteria that express a sponge-like substance around crop roots, CroBio's novel method to drought management and soil regeneration also helps to lower greenhouse gas emissions.

Wayne Mulhall, Co-founder and CEO of CroBio said, “During this critical time for our planet, we must develop solutions to reduce GHG emissions to combat global warming and increase global resources to feed an estimated 10 billion people by 2050. This will require boosting food production by 50% – CroBio’s innovation seeks to deliver this necessity,”.

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Ross Mulhall, Co-founder and Chief Scientific Officer of CroBio said, “This funding will enable us to conduct field trials with key strategic partners and expand our geographical reach. Agtech is emerging as a key player in mitigating global climate change and ensuring food security worldwide. My father Wayne and I are proud to be at the forefront of a community that is pushing the boundaries of biological products to meet these critical challenges. We are grateful to our group of investors who are committed to planetary health and sustainable futures, and who will advance CroBio’s goal of enhancing global drought resilience in agriculture,”.

Using a small initial investment from Catapult Ventures GM&C Life Sciences Fund, CroBio developed and improved their bacterial strains in 2020 in preparation for testing in greenhouse environments. By obtaining a $525,000 investment from SOSV and a place in the IndieBio programme, an SOSV start-up accelerator with headquarters in New York City, the firm significantly expanded its reach in 2023.

About CroBio

Ross Mulhall created CroBio in 2019 at Syngenta's Jealott's Hill Facility during the YES19 competition. The firm was founded through a bootstrap fundraising round and intellectual property was obtained with the help of his father, Wayne Mulhall.

At CroBio, an agtech startup their objective is to use improved microorganisms to transform agriculture in the future. Their mission is to give an ecologically friendly solution to the urgent worldwide problem of agricultural drought while also utilising cutting-edge carbon sequestration techniques to help lessen the consequences of climate change.

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