– CANADA, Gatineau – Agrisoma Biosciences Inc., the global leader in the development and commercialization of Carinata, the only scalable agricultural feedstock for next generation biofuels, today announced the prior close of a $15.4 MM Series B financing round, co-led by new investor Groupe Lune Rouge and current investors Cycle Capital Management, and BDC Venture Capital. This Series B round is used to support the global expansion of Agrisoma’s business.
Steven Fabijanski, President and CEO stated, “This funding is enabling us to further the expansion of our business to international markets for our sustainable crop Carinata. The Series B funding was used to develop and execute our new commercial programs in South America, as well as to initiate deliveries of commercial scale volumes of Carinata feedstock to new customers around the world. The funding was also used to develop key markets for the nonGMO, sustainable animal feed co-product, positioning the Carinata business for rapid expansion and scaling of production servicing both the biofuels industry and the growing demand for sustainably produced protein in the animal feed industry. The addition of new shareholder expertise with a focus on sustainability, the environment and global business experience, along with additional support from current shareholders highlights our opportunity and progress with the commercialization of Carinata.”
“Agrisoma represents the future of the aviation industry. By growing Carinata and producing oil for bio jet fuel, it demonstrates how a technology-based company can have a global impact by reducing GHG emissions in an industry known for its significant carbon footprint. Cycle Capital is very proud to be part of this green revolution,” says Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital Management.
Catherine Vu, Chief Financial Officer at Groupe Lune Rouge has joined the Board of Directors at Agrisoma, concurrent with the closing. Having spent most of her career at Cirque du Soleil in Corporate Finance and Investments, she brings deep expertise in financing, operations and management of global businesses. “We are very proud to be associated with Agrisoma and to contribute to the development of the company. Agrisoma brings a sustainable solution to renewable energy and climate change. We are thrilled to become part of this”.
Agrisoma is expanding the production Carinata globally to provide a supply of sustainable, nonfood oils for meeting the demand for sustainable biofuels, with a strong emphasis on the growing demand for advanced biofuels. Carinata is the best in class crop for the production of low carbon biofuels and provides farmers with additional income opportunities.
Agrisoma Biosciences Inc. is an agricultural company that has commercialized Carinata, a non-food oilseed crop designed for sustainable production of biofuels. Agrisoma sells carinata seed products under the Resonance brand name, and uses advanced crop improvement technologies to provide superior crop varieties to growers. For further information about Carinata, Agrisoma and its technology, collaborations and partnerships.
For more information : http://www.agrisoma.com
About Cycle Capital Management
Cycle Capital Management is the most active cleantech VC in Canada. Cycle Capital invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.
With assets under management of $231M, Cycle Capital invests in Quebec and across North America. Cycle Capital Management, which is based in Montreal with an office in Toronto and points of presence in New York, Seattle and Qingdao in China, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec.
For more information : http://www.cyclecapital.com
About Groupe Lune Rouge
Lune Rouge is the initiative of Quebec visionary and philanthropist, Guy Laliberté, with the know-how of entrepreneurs from diverse backgrounds gathered around the same idea: creativity to stimulate entrepreneurial innovation. Lune Rouge is developing in-house projects and is also investing in companies in technology, entertainment, arts and real estate as well as in initiatives that have a positive social impact.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures.
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