June 4, 2020

By Lynda Kiernan, Global AgInvesting Media

Tropic Biosciences, a pioneer in ag biotechnology that uses CRISPR gene editing to develop new, high-performing plant varieties best suited to tropical agriculture, announced it has closed a $28.5 million Series B led by Temasek. 

This round, which brought total funding for the company to-date to $40 million, also included Sumitomo Corporation Europe, Genoa Ventures, Agronomics, and Skyviews Life Science.

Also participating were all institutional investors from Tropic Biosciences’ 2018 $10 million Series A co-led by  Pontifax AgTech and Five Seasons Ventures, including Tekfen Ventures, Emerald Technology Ventures, Bits x Bites and the UK Science & Innovation Seed Fund.

Based in the UK, Tropic Biosciences leverages advanced plant breeding techniques with gene editing technologies to develop high-performing, commercial crops suited for cultivation in tropical regions. 

The company’s current focus is on coffee and banana varieties, which together have a combined annual market value exceeding $50 billion, and are the foundation for the livelihood of more than a half a billion people worldwide.

“Together we are taking another major step forward in building a leading seed business that addresses the unique needs of growers in tropical nations,” said Gilad Gershon, CEO, Tropic Biosciences. “Humanity’s battle against the Covid-19 pandemic is rapidly accelerating the need for technological solutions that promote food security on a global scale.”

Bananas and coffee are two major crops facing a range of daunting challenges, from issues resulting from climate change, to diseases, and pests.  As such, Tropic Biosciences has been working with growers to address these issues through plant breeding to increase crop stability, address nutrition gaps, and to improve consumer wellness and growers’ bottom line.

“We’ve been impressed with Tropic’s execution, progress and success since co-leading their Series A financing in 2018,” said Ben Belldegrun, managing partner, Pontifax AgTech.

“They continue to demonstrate leadership across tropical crop varieties and gene editing technologies. Tropic has secured impressive key commercial agreements that reinforce the importance of their work in creating tropical crops that are disease and pest resistant.”

This year, Tropic Biosciences plans to broaden its focus to include rice, another key crop that accounts for more than 20 percent of the daily calories for 3.5 billion people, through work that will use gene editing to alleviate the impacts of climate change on rice production, without negative effects on the plant’s nutritional profile.

The capital from this round will be used by the company to accelerate its growth through field trials being conducted for its novel banana and coffee varieties, and to develop high-impact traits in the newest addition to its portfolio – rice.

The company will also further commercialize and scale its proprietary GEiGS™ platform that was launched in 2019. Since its launch, Tropic Biosciences has entered into multiple service agreements with leading global agribusinesses who are using the platform to develop disease-resistant crops and to promote animal welfare. 

– 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.