Elicit Plant, a pioneering agrobiotechnology company specializing in biosolutions for field crops, has raised €45 million to accelerate its global expansion at a time when farmers are facing increasing climate challenges. This investment round was led by Carbyne with participation from existing investors Sofinnova Partners, ECBF and BPI. The primary net proceeds to the company will enhance the commercialization of existing products and support the development of new solutions, aimed at providing farmers around the world with effective products to combat climate uncertainties affecting their yields and ability to feed populations.
Agrobiotechnological innovation in response to the climate crisis
As global agricultural yields face increasing threats due to frequent and extreme weather events, Elicit Plant offers innovative solutions that leverage the unique properties of phytosterols to improve plant health in the face of environmental stress. Since 2022, Elicit Plant’s products have been established in France and in strategic markets such as Brazil and Eastern Europe, focusing on corn, sunflower, cereals and soybeans. In addition, the company has obtained marketing authorization in the US to launch its first commercial product for corn.
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The company’s current strategy is based on three pillars:
- Accelerate business development in key markets such as Europe, Brazil and the United States.
- Expand strategic alliances with key players in the agricultural inputs sector, as initiated with Bayer, BASF and Certis Belchim , to ensure adoption on the ground.
- Foster innovation momentum through significant R&D focus, expanding portfolio of bio-based phytosterol solutions for key crops, supported by strategic research alliances.
Committed investors support global agricultural transition
The highly sought-after investment round was led by Carbyne Equity Partners , a private equity firm investing in European growth companies with a strong market position and R&D focus in its key sectors: agritech, healthcare and nutrition. In addition, existing investors Sofinnova Partners , European Circular Bioeconomy Fund (ECBF) and Bpifrance Investissement reaffirmed their commitment.
” We believe in the crucial role of biosolutions in the transition to sustainable agriculture. Elicit Plant‘s experienced management team, the superior value proposition for farmers in key agricultural production regions, as well as the proven performance of the products in the field, completely convinced us .” – Marius Dantl for Carbyne Partners.
“ Elicit Plant has demonstrated its ability to transform agriculture with the launch of its products, which deliver tangible results. We firmly believe that its innovative vision and expertise will continue to shape the future of global agriculture .” – Michael Krel for Sofinnova Partners.
” This fundraising is a validation of our success in the French, European and Brazilian markets. We are at the forefront of supporting farmers in the face of increasing climate impacts with proven solutions. International adoption of our products is gaining momentum, supported by key partners such as Bayer and BASF. Our goal is to strengthen our market share on three continents and become a global industry leader by 2028 ,” concluded Jean-François Déchant , CEO of Elicit Plant.
SOURCE: PRNewswire