June 13, 2018

Tropic Biosciences, a startup which uses CRISPR gene editing to develop new plant varieties in the tropical agriculture sector, has announced a $10 million Series A round led by Pontifax AgTech and Five Seasons Ventures. The round also included Tekfen Ventures, Emerald Technology Ventures, Bits x Bites, Midven-RSF and the family offices of Gigi Levy-Weiss and Antonio Moreira Salles as co-investors. Proceeds from the round will support the commercialization of the company’s non-GMO coffee and banana varieties, and allow its global expansion into additional promising crop segments.

Using gene editing techniques, Tropic Biosciences develops high-performing non-GMO commercial varieties of tropical crops such as bananas and coffee, which are a $50 billion business and provides both income and sustenance to over  half a billion people worldwide.

Gilad Gershon and Dr Eyal Maori, the CEO and CSO of Tropic Biosciences respectively, said: “We are wholly committed to enacting real change in the global agriculture industry. We aim to aid growers by bringing genetic innovation to crops and geographies that have seen little such innovation to date; and to promote global health and consumer wellbeing by developing highly nutritious, versatile plant varieties.”

CRISPR Attracting Significant Investment

CRISPR-Cas9 gene editing technology enables geneticists and researchers to edit parts of a genome by removing, adding, or altering sections of the DNA sequence without needing to involved genes from other species. The primary benefits of the technology are that it is very inexpensive, easy to use, and compresses the development cycle – especially in agriculture, which has been altering the traits of plants and animals for millennia in ways that are for more time consuming and far less precise.

Farmers and agribusinesses are currently working on scores of gene-edited crops to not only increase yields, improve resistance to drought and insects, but also to positively impact nutrition and  even taste. Investors are taking note:

In March, gene-editing company Inscripta announced the close of a $55.5 million Series C funding round. The round was led by Mérieux Développement and Paladin Capital Group, and included all existing Inscripta investors – Venrock, Foresite, MLS Capital, and NanoDimension. That same month, California-based agtech startup Pairwise Plants secured a total of $125 million, including a $100 million technology collaboration with Monsanto to work together on gene-editing corn, soybeans, wheat, cotton, and canola crops. Pairwise also recently closed a $25 million Series A financing co-led by premier venture capital firm Deerfield Management and Monsanto Growth Ventures.

“Gene editing is a transformative technology which represents a huge global opportunity, with potential in not just the biotech industry but also in the wider agriculture supply chain. In Tropic Biosciences’ highly experienced team, we and our co-investors see the potential to redefine consumer health, nutrition and improved yields” said Ben Belldegrun, Founder and Managing Partner of Pontifax AgTech. “We look forward to providing expertise and access to our extensive network of growers and strategic players to support the further growth of Tropic Biosciences and the commercialization of its industry leading tools.”

Tropic Biosciences was founded by Dr Eyal Maori (CSO), a scientific co-founder of Beelogics, which was acquired by Monsanto in 2011; Dr Ofir Meir (CTO), former Project Manager at Rosetta Green, which was acquired by Monsanto in 2013; and Gilad Gershon (CEO), an experienced AgriTech private equity investor and entrepreneur. The company currently employs 17 experienced professionals and is based in the world-renowned John Innes Centre, Norwich, where it enjoys considerable access to cutting-edge tools and facilities, as well as a highly qualified workforce.

David Nitchman, GAI Media