Agrisoma Biosciences Inc, a Gatineau, Québec-based agricultural technology company, has secured $12 million in a follow-on financing. The round was led by Cycle Capital Management and joined by new investor Desjardins Capital, an affiliate of Canadian financial cooperative Desjardins Group. BDC Capital and Lune Rouge, which along with Cycle backed Agrisoma’s $15.4 million Series B round last year, also invested. The funds raised will help Agrisoma expand the global commercialization and production of Carinata, a non-food oilseed crop designed for sustainable production of biofuels used in the aviation industry.
Desjardins Capital joins current investors in $12M round in Agrisoma
A low GHG biofuel obtained from Carinata mustard oil, a plant that can be grown in Quebec
GATINEAU, QC, March 12, 2018 /CNW/ – Agrisoma Biosciences Inc. (www.agrisoma.com), an agricultural technology company that sells Carinata seeds used to produce biojet fuel for the aviation industry, announced today it has completed a CAD $12 million investment round. In addition to new investor Desjardins Capital, the lead investor Cycle Capital Management and existing investors BDC Capital and Lune Rouge also participated in the round.
“The biofuel developed by Agrisoma allows for a major change in the greenhouse gas emissions associated with air transport worldwide,” said Luc Ménard, Chief Operating Officer of Desjardins Capital, a component of Desjardins Group, which offers Quebec entrepreneurs access to a broad business network to support the growth of their businesses. “We are proud to invest in a Canadian flagship that is a leader in the fight against climate change.”
“Agrisoma has concluded commercial agreements with important players in the global biofuel industry in the last months. This funding will enable the company to pursue its deployment and extend the commercialization of Carinata in key markets. Agrisoma has developed a very promising technology that might revolutionize the aviation industry and as the lead investor, we’re very happy to bring Desjardins Capital on board,” said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital Management and Agrisoma’s Board Member.
“As the first and largest institutional investor, we are excited about the company’s accomplishments and its future prospects. As the only scalable feedstock for biojet fuel we think that the company provides new options for clean, low-carbon flight and provides a tremendous, financially attractive opportunity for farmers dealing with the impact of climate change,” said Dion Madsen, Senior Managing Partner, BDC Venture Capital and Agrisoma Board Member.
Steven Fabijanski, Agrisoma’s Founder, President and CEO stated, “We are very happy to welcome Desjardins Capital as new investor alongside our longstanding existing investors. This new financing will help us further expand the commercialization of Carinata and its production in southeastern United States, South America and Australia.”
Agrisoma recently announced with Qantas Airlines an “aviation first” – the world’s first commercial biojet transpacific flight between Australia and the United States that took place in January 2018, on the Qantas 787 Dreamliner. This flight, powered by Carinata biojet, demonstrated the capacity of the second-generation biofuels industry to use Carinata to deliver ultra-low carbon intensity fuels to commercial aviation at cost-competitive prices.
Agrisoma’s Carinata is the world’s first non-food crop that produces oil, or “feedstock” uniquely suited for biofuel production. It is a proven solution that was first introduced to farmers in 2012 and is now being grown commercially in the Americas and Australia. The oil produced by Carinata has been used in the production of biodiesel, renewable diesel and biojet fuels for commercial transportation since 2013. Agrisoma’s Carinata is certified sustainable by the Roundtable on Sustainable Biomaterials (RSB), the global standard and certification scheme for sustainable biofuels, and offers the global biofuels industry one of the lowest GHG feedstocks for making new, low carbon fuels.
About Desjardins Capital
Nearly 45 years strong, Desjardins Capital (previously Desjardins Venture Capital) has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2 billion, Desjardins Capital helps contribute to the longevity of more than 450 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to create and maintain more than 67,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website or our LinkedIn page.
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 please visit www.agrisoma.com.
Resonance® is a registered trademark of Agrisoma Bioscience, Inc. All other trademarks are those of their respective companies.
For further information: Media contacts: Agrisoma, Steve Fabijanski, Founder, President and CEO, [email protected], Phone: +1-819 205 7795; To find out about growing Carinata, please contact Agrisoma at [email protected], or call: +1-819-205-7795; Desjardins Capital: Richard Lacasse, Spokesperson, [email protected], Phone: +1-418-835-8444 or 1-866-835-8444, ext. 5563163
Photo courtesy of Agrisoma Biosciences Inc