Montreal-based Inocucor, which develops sustainable microbial crop accelerators, announced the closing of its Series A round with at $6 million.
The extended Series A was led by Cycle Capital Management, a Montreal cleantech venture capital fund an early investor in Inocucor. Desjardins Innovatech, which manages $200 billion in assets, Michigan family office fund Metal Capital, and Philadelphia-based Closed Loop Capital also participated in the round.
The investment will allow Inocucor to commercially scale its patented bio-stimulant product, Garden Solution, which is produced through fermentation akin to winemaking. Garden Solution’s technology enables it to isolate and combine multiple strains of naturally occurring yeasts and bacteria into powerful bio-stimulants that increase the microbial diversity of soils, and speed delivery of nutrients to plants. It’s already approved for sale in 27 states.
“Our business model calls for a range of bio-based products that ultimately will help farmers feed a growing population with fewer or no chemical inputs,” said Donald R. Marvin, president and CEO of Inocucor.
Inocucor’s growth strategy will focus on establishing commercial partnerships that include its intellectual property as a key ingredient for new bio-stimulation, bio-fertility, and bio-protection products for large-scale production farmers. The company also plans to make strategic acquisitions that will hasten the commercialization of its proprietary microbial consortia technology and broaden its product pipeline.
In June, the company will launch a follow-on equity financing round to support opening a U.S. office. The company will also expand large-scale field trials and commercialization activities in North and South America.