CHARLOTTESVILLE, VA – September 17, 2020 – AgroSpheres, a leader in developing the next generation of environmentally friendly crop protection products, announced today that it has extended its Series A to $8.8 million in financing, $1 million of which is non-dilutive to accelerate commercialization efforts of a new class of biopesticide products. The capital injection is catalyzed by progress made ahead of schedule to keep pace with the rapid growth of product development. The financing round was absorbed by existing Seed and Series A investors at a significantly increased valuation. Venture Capital firm Ospraie Ag Science led the investment round with Cavallo Ventures, the venture capital arm of Wilbur-Ellis.
“The AgroSpheres team has worked tirelessly through these challenging and uncertain times to surpass our 2020 milestones,” said AgroSpheres’ CEO Payam Pourtaheri. “I am grateful for the efforts of the team and the continued support from our investors to build a premier crop protection company that delivers on its promise of providing biobased solutions for hardworking farmers everywhere.”
“Our team has demonstrated tremendous initiative and discipline to progress ahead of schedule in our platform technology, biopesticide and RNAi programs” said AgroSpheres’ CTO Ameer Shakeel. “Our biobased products continue to progress from greenhouse to commercial field scale with superior performance.”
The financing will fund fast-tracked development of AgroSpheres’ new biopesticide product pipeline, advancements to the diverse technology portfolio, expansion of the scientific team and investments in emerging biotechnologies.
“AgroSpheres fits perfectly with our objective to invest in innovations that help farmers do more with less environmental impact,” said Dwight Anderson, Co-Founder of Ospraie Management. “We see strong demand for effective biological solutions that reduce chemical inputs for growers. As our additional investment demonstrates, AgroSpheres continues to show great potential in enhancing biopesticide delivery with its diverse and exciting technology portfolio.”
“We are excited about the progress the AgroSpheres team has made and are increasing our investment to help achieve the milestones ahead,” said Managing Director at Cavallo Ventures Son Vo. “There is enormous potential for the AgriCell platform as effective, sustainable pesticides for the crop protection market receive more attention.”
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AgroSpheres envisions a future built by nature’s technologies. Located in Charlottesville, VA, the company’s mission is to transform agriculture through reliable and affordable biobased solutions. For more information, visit www.agrospheres.com
About Ospraie Ag Science
Ospraie Ag Science LLC is an investment vehicle that supports productivity enhancing companies in the agriculture technology space with a focus on sustainable solutions that improve the quality of life for farmers and society. Utilizing our extensive network and 25 years of experience investing in agriculture markets, we identify solutions that help farmers “Do More With Less” and that increase profitability, reduce environmental impact and improve their quality-adjusted yield.
About the Wilbur-Ellis Companies
Founded in 1921, the Wilbur-Ellis companies are leading international marketers and distributors of agricultural products, animal feed and specialty chemicals and ingredients. By developing strong relationships, making strategic market investments and capitalizing on new opportunities, the Wilbur-Ellis companies have continued to grow the business with sales now over $3.3 billion.