May. 24, 2016
Terramera, a startup looking to enhance the efficacy of biopesticides through the use of a molecular delivery system, has raised $10 million in venture capital.
The Vancouver, Canada-based received funding led by food and agtech venture fund S2G Ventures, also attracted funding from a strategic investor; an affiliate of Sumitomo, the Japanese chemicals company, was another leading investor in the deal.
“We were founded as a company trying to solve the problem of why so many biologicals have struggled with consistency and performance and we’ve really tried to de-construct those issues and focus on innovations that allow us to bridge the gap between where we are with bio-products and where we need to get to,” Karn Manhas, CEO of the company said.
“We’ve had lots of international interest on the back of some issues in the industry, such as what’s happening with agrochemical consolidations and uncertainty around the continued use of conventional chemical inputs,” he said. “We need to increase productivity and yet satisfy changing consumer demands.”