July 15, 2020

By Lynda Kiernan, Global AgInvesting Media

Roslin Technologies, the Edinburgh-based agtech specialist and close tie-in to the Roslin Institute, the creator of Dolly the first cloned sheep, announced it is launching a bid to raise £50 million (US$62.9 million) through a second funding round. 

In 2017 the startup made history when it raised £10 (US$12.5 million) from The British Innovation Fund, making it the largest agtech startup in UK history at the time. Once achieved, this second funding round is expected to lift Roslin Technologies’ valuation to more than £55 million (US$69 million). 

Owned jointly by the  University of Edinburgh, JBI Equity, and The British Innovation Fund, which is a Milltrust International fund with backing from The Royal County of Berkshire Pension Fund, Roslin Technologies was launched with the intent purpose to commercialize the IP and expertise stemming  from the Roslin Institute and The Royal (Dick) School of Veterinary Studies into marketable solutions for ag and veterinary sectors.

Two of these founding investors – Milltrust International and JBI Equity – will lead this latest funding round, which will broaden Roslin Technologies’ scope to include new global partnerships investing both capital and expertise.

“As one of the founding investors in Roslin Technologies, it is very exciting to help the company take its next key growth step,” said Simon Hopkins, CEO, Milltrust. “We always knew the commercial potential for a business working with these leading scientists was excellent, and the next compelling pipeline of projects, along with the current portfolio growth, is tremendous to see.”

Amidst an investment landscape where COVID-19 is acting to cause inventors to hit pause, Roslin Technologies cites its non-cyclical and defensive aspects focused on food security and safety as factors likely to attract considerable interest. It also noted that its attention to sustainability, addressing the global food deficit, and enhancing the environmental efficiency of agriculture are all high-demand endeavors.

“We are truly delighted to reach this important marker of a Series B raise,” said Kristian Bennetsen, partner, JBI Equity. “The venture building approach Roslin Technologies is taking is unique in the industry, and we expect to see the partnership with Edinburgh University continue to develop and grow. The new projects are truly cutting edge and we are excited to see a period of accelerated growth ahead.”

Roslin Technologies plans to use the capital raised through this round to invest in a wide range of cutting-edge agritech projects, and to support its building of valuable relationships achieved through its expanding number of portfolio companies.

Glen Illing, CEO, Roslin Technologies, commented, “The capital raise is a significant milestone for us, demonstrating our huge potential.”

“Our clients are eagerly embracing technology solutions that our scientists are making, and we’re confident that our new key initiatives in the fields of insect, shrimp, and in cultivated meat technology will become large-scale commercial ventures that make a positive difference to world markets,” he continued.

“Building on this incredible work, we believe Roslin Technologies will become one of the world’s leading AgriTech venture businesses.”

Simon Hopkins, CEO, Milltrust, added, “I look forward to sharing what has to this point been a well-kept secret to the widest range of investors – institutions, pension funds, family offices – about the considerable potential of Roslin Technologies.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, and HighQuest Group’s Oilseed & Grain News. She is also a contributor to the GAI Gazette. She can be reached at lkiernan@globalaginvesting.com.