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Financing › Details

BioPhero–SEVERAL: investment, 202103 financing round Series A $17m led by DCVC Bio with FMC Ventures + Syngenta Ventures + Novo Holdings

 

Period Period 2021-03-09
  Predecessor BioPhero–SEVERAL: investment, 201809 seed financing round €3m from Novo Seeds + Syngenta Ventures + Syddansk Innovation
Organisations Money taker BioPhero ApS
  Money source SEVERAL
Products Product insect pheromones
  Product 2 venture capital
     

BioPhero ApS. (3/9/21). "Press Release: BioPhero Announces $17 Million Series A For Sustainable Pest Control". Copenhagen.

New Funding Will Support Production and Market Introduction of Sustainable Biological Insect Pheromones


BioPhero, the insect pheromone company, today announced it has raised $17 million in Series A funding led by DCVC Bio with participation from new investor FMC Ventures, as well as existing investors Syngenta Group Ventures and Novo Holdings. The company, which has a mission to replace many chemical insecticides with sustainable biological insect pheromones, will use this funding to ramp up production of several products and to produce pheromones at the quantity, quality, and price required to allow farmers to control major pests in a variety of row crops.

Pheromones, being non-toxic, can be a powerful tool to achieve the objective of insect pest control, while avoiding the negative impacts on environment and biodiversity associated with overuse of synthetic chemicals. Pheromones are naturally produced by insects, but they can also be used very effectively to control the buildup of pest populations in farmers' fields by disrupting their mating process. They are highly sustainable as they are insect-specific and non- toxic. Not only can they replace insecticide use but they can also reduce over-application by helping to prevent the buildup of resistance against both chemical insecticides and GM seeds.

Following its seed round in 2018, BioPhero developed – and scaled up – new and efficient production methods for insect pheromones using microbial fermentation. The production processes use renewable raw materials, produce less waste than the traditional chemical synthesis, and – crucially – are able to deliver insect pheromones at the cost, quality, and volume required for row crops such as wheat, maize, rice, and soybeans. BioPhero has successfully demonstrated that it can produce pheromones at tonne-scale, and the company is now ready to start production of its first product and to make it available to customers and development partners around the world.

“We aim to give farmers a new option: To protect their crops using biological insect pheromones rather than having to rely on insecticides. In row crops this has not been possible until now because of the high cost of pheromones. At BioPhero, we have shown we can break this cost barrier. We are delighted to continue to attract such high-quality investors and see this as a testament to the success we have had in developing and scaling biological pheromone production and delivering new options for growers”
Kristian Ebbensgaard, CEO, BioPhero

Unlike with insecticides, insects do not develop resistance to insect pheromones because they are produced by females to attract males for mating and do not present a single target that can easily be overcome by evolution. Insect pheromones are highly effective, have an exemplary safety record and do not harm pollinators or other non-target insects.

"We have been examining the use of insect pheromones in agriculture and new start-ups in this area for many years. Until now, no company has succeeded in manufacturing pheromones at a cost and scale suitable for worldwide use," said John Hamer, Co-Managing Partner, DCVC Bio. "BioPhero's patented breakthrough platform is the only one that is delivering the cost structure, manufacturing flexibility and quality that allow pheromones to be deployed on major row crops."


About BioPhero

BioPhero is a pioneer in the production of pheromones used as highly sustainable and eco- friendly active ingredients in products for insect pest control in agriculture. Our vision is to make agriculture more sustainable by enabling the application of pheromones for effective pest control in large-scale row crops. BioPhero has developed and scaled up a proprietary biological production platform based on yeast fermentation. We have assembled a dedicated world-class team with competencies within metabolic engineering, fermentation, chemistry, and process development.

BioPhero was founded in 2016 by Prof. Irina Borodina as a technology spin-out from the Technical University of Denmark and completed its seed round in 2018. BioPhero is also a consortium member in the EU-funded Projects OLEFINE and PHERA. Read more at www.biophero.com


For more information please contact:

Kristian Ebbensgaard, CEO
kristian@biophero.com
+45 60600909

   
Record changed: 2021-04-12

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