What happened: Terramera secures additional funding for its Series B round
Why it matters: The Vancouver-based company closes out the round with US$48.5m to develop its chemistry technology
A Vancouver company focused on healthy growth in agriculture can tout some healthy investment growth of its own.
Terramera Inc. revealed Tuesday (January 28) it’s landed an additional US$3.5 million for its Series B round, which had already secured US$45 million last year.
Toronto-based ArcTern Ventures led the latest capital raise to close out the Series B round with a total of US$48.5 million.
Terramera’s flagship chemistry technology, Actigate, can be licensed to producers of both natural and synthetic pesticides to improve the efficiency, uptake and performance of the active ingredients in crop protection products.
The technology would allow farmers to increase the performance of materials sprayed on agriculture while reducing the overall amount required.
The company’s goal is to reduce synthetic chemicals used in agriculture globally by 80% by 2030.
“Terramera has the technology platform and expertise to transform commercial agriculture in systematic ways,” ArcTern managing partner Tom Rand said in a statement.
“Their strategy to scale their technology to have the greatest impact will lead to healthier plants and soil, which will drive improved farm productivity and the potential to sequester carbon in well-managed soils. That’s really exciting and why we invested.”
Terramera is among the second wave of companies to land funding from the Vancouver-based Digital Technology Supercluster initiative.
The initiative, which is open to organizations with a presence in Canada, sees non-profits, post-secondary institutions, and large and small enterprises partnering to develop commercial products.
The consortia must be willing to put up investments of their own before being able to tap into supercluster funding backed by Ottawa.
Terramera’s supercluster endeavour sees it collaborating with eight organizations, including Compression AI and Canada's Michael Smith Genome Sciences Centre, on the Precision Agriculture to Improve Crop Health project.