Raymond, Alta.-based agricultural biotech company AdvancedAg has secured $2 million in seed funding from Raven Indigenous Capital Partners as it looks to expand its North American footprint.
Raven, which invests exclusively in Indigenous enterprises, was the lead and sole participant of the all-equity seed round. AdvancedAg will use the funding on research and development, creating intellectual property, and expanding market access, the company said in a statement, adding that it is positioned to bring its products to more farms across North America.
AdvancedAg is forecasting sales growth upwards of $9 million by 2026.
Founded in 2001, AdvancedAg is an Indigenous, family-owned company producing microbial agricultural products aimed at reducing farmers’ reliance on synthetic chemical products. The company provides seed, soil, and foliar (leaf)-applied products that it claims promote plant growth and disease resistance.
“My mom and I were ‘crazy people’ trying to get this business off the ground, often told we were ‘wasting our time’ by those around us,” AdvancedAg CEO Joshua Day Chief wrote in a LinkedIn post. “But every year, we became a little less crazy. Now, we’re seeing hundreds of millions of dollars pour into the biological space, and this investment will help us stay ahead.”
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While an Alberta Innovates profile on AdvancedAg indicated the company would be seeking Series A funding this year, director of operations Daniel Wevers told BetaKit that was “a typo” and, while this was the company’s first external raise, there may be future rounds in the next couple years.
Wevers also told BetaKit the company currently has around 1,000 customers and made $3.4 million in sales revenue last year, adding that the company is forecasting sales growth upwards of $9 million by 2026.
“At Raven, we invest in ventures that not only drive commercial success but also create lasting, positive change in their industries,” Raven associate Josh Alook, who is also joining AdvancedAg’s board, said in a statement. “AdvancedAg’s leadership in sustainable agriculture and their deep ties to farming innovation and natural solutions made this investment a natural fit.”
Feature image courtesy AdvancedAg.