PlantResponse Biotech, an agrobiotechnology company, closed a Series A round of 5.7 Million €. The financing round was lead by Monsanto Growth Ventures and included a mix of institutional and strategic investors including, Caixa Capital Risc, the venture capital division of “la Caixa”, Middleland Capital, and Novozymes.
This financing will enable PlantResponse to develop and bring to the market its current portfolio of products, to register and launch novel products, and to increase the company R&D team and technology pipeline. Eduardo Quemada, the CEO, plans to advance several products through the Plant Response platform: “We are delighted to attract leading strategic investors through our Series A financing. Their support will be instrumental to achieving company goals for the coming years”.
PlantResponse has developed a broad portfolio of biological products based on known modes of action focused in two key areas i) novel biological products derived from plants and microorganisms that improve crop vigor, and enhance crop resistance to biotic and abiotic stresses; ii) plant genes (traits) for crop breeding to develop new varieties with increased yield and resistance to stresses. PlantResponse has a strong IP portfolio, including ownership and proprietary rights for 6 patents and 10 products. Recently, a major milestones was achieved when the USPTO granted the company a new patent for a novel gene enhancing crop drought tolerance.
Dr. Kiersten Stead, Venture Principal at Monsanto Growth Ventures and new Chairman of the Board, commented “We are happy to be able to support the commercialization of great ideas and technology that has been generated by leading European labs.” and Dr. Scott Horner, Managing Director of Middleland Capital, “The technology being developed within Plant Response is world class. We look forward to working with the company to realize the benefits of their products on global agriculture”.
“We are glad that the technology being developed by a Spanish company is able to attract investment from such significant international players. The Agri-Business is becoming more and more relevant and we’re proud to support the growth of such a promising company” says Carlos Esteban representative of Caixa Capital Risc at Plant Response Biotech Board of Directors.
Agri-Business in Spain
The leading manufacturers of products for crop protection turned over 900 million euros in Spain (2014), 22,6% more than in 2013, according to AEPLA (Asociación Empresarial para la Protección de Plantas). By segment, the sales of leading manufacturers are focused on herbicides (35% of total turnover). The second segment is composed of insecticides, acaricides and nematicides which represent the 30% of total. And the third segment is formed by fungicides with a 25% of total sales of crop protection market.
The Agrobiological business in Spain has an estimate market value of 300 M€ with a growth of 15% year by year, which means that in 2019 will double this value. It is a highly an innovative market, with an investment of about 50 M€ each year.
About Plant Response Biotech
Plant Response Biotech S.L., a spin-off of the Universidad Politécnica de Madrid, founded in 2008 by Prof. Antonio Molina (current Chair of the Scientific Advisory Board) and Prof. Pablo Rodríguez Palenzuela, is an agrobiological company focused on the identification and development of new molecules and traits regulating plant responses to biotic and abiotic stresses. Collaborations with leading worldwide research groups, best in class facilities, strong IP, broad portfolio products and a highly skilled team allows PlantResponse to be one of the most innovative companies in the world.
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