CroBio, an agtech startup dedicated to reshaping agriculture using enhanced microbes, announced the completion of a €1.45 million seed funding round. The round was led by the US-based Grantham Foundation for the Protection of the Environment, with participation from SOSV, Ponderosa Ventures, and Catapult Ventures Group. Furthermore, just last year the company raised an additional $525.000 from its acceleration program with SOSV's IndiBio.
CroBio's innovative solution to tackle drought and soil regeneration harnesses microbes that produce a sponge-like cellulose material around plant roots. This technology significantly improves soil water retention, enhancing plant resilience to drought conditions while also sequestering carbon in the soil. With 34% of global crop yields lost to drought each year, CroBio's technology aims to alleviate these losses while also reducing greenhouse gas emissions.
Wayne Mulhall, Co-founder and CEO of CroBio, emphasized the importance of this mission: "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. CroBio’s innovation seeks to deliver this necessity."
The recent funding, led by the Grantham Foundation, will allow CroBio to conduct field trials with strategic partners and expand geographically. This funding will also support further innovation and value delivery, empowering CroBio to expand and meet the challenges of food security and climate change.
Wright Hassall, a Midlands law firm, facilitated the seed funding round on behalf of CroBio, ensuring a smooth process.
"Starting a seed funding round can be tough, but thanks to the team at Wright Hassall, the process sailed through smoothly," said Mulhall. The legal team at Wright Hassall provided crucial guidance on the complexities and cross-border elements of the funding round.
Co-founder and Chief Scientific Officer Ross Mulhall underscored the importance of CroBio's mission and the role of this funding in achieving it.
"Agtech is emerging as a key player in mitigating global climate change and ensuring food security worldwide," he remarked. "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."
With the completion of this funding round, CroBio is poised to make significant strides in reshaping the future of agriculture. By harnessing the power of microbes to enhance soil resilience and increase crop yields, the company is well-positioned to drive sustainable agricultural practices, mitigate climate change, and boost food security.