Vive Crop Protection announced today the close of its USD $26 million ($34 million CAD) Series C investment round. The round was led by Conexus Venture Capital and its Emmertech fund. with participation from the Cibus funds, and existing investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), and Urbana Corporation. Vive has also secured debt financing from Silicon Valley Bank (SVB) to provide both working and growth capital in support of their continued expansion.
Vive will have a second close in the next quarter to accommodate top-tier investor groups still completing diligence – all strategically focused on next-generation agriculture technology.
Vive will leverage its newest funding to accelerate the commercial deployment of its next-generation product portfolio into new North American markets while advancing its research and development pipeline.
“The investment by Emmertech, the Cibus funds, and existing investors, and the debt financing provided by Silicon Valley Bank underscores our success in delivering innovative solutions to farmers,” says Darren Anderson, Chief Executive Officer of Vive Crop Protection. “We’re extremely excited about how these new relationships will propel our business to the next level, including into global markets.”
Vive’s proprietary Allosperse® technology is a nanoscale, polymer-based delivery system that improves the targeting and performance of both synthetic and biological active ingredients, enhancing farmers ROI and sustainability profile.
“Since 2018, our products are estimated to have saved farmers 34 million gallons of water, 189,000 gallons of fuel, and 15,000 hours of farm labor,” says Anderson. “In addition, feedback from our annual customer satisfaction survey has been overwhelmingly positive with 97% of respondents indicating their desire to re-use Vive products.”
In the last 18 months, Vive has experienced rapid growth which is evident in new product registrations, and increases in customer base, employment roster, and revenue – which has more than doubled from sales of its seven EPA-registered products.
Following Vive’s 2021 U.S. launch of AZterknot® fungicide, sales opportunities in new crop segments have been significant. Registered across a broad spectrum of crops, AZterknot demonstrates Vive’s ability to more effectively deliver both biologicals and synthetic active ingredients in a single jug.
In its first full marketing season of 2022, AZterknot sales exceeded expectation with product use on more than 50,000 U.S. acres. “AZterknot showcases our ability to deliver biologicals with proven chemistry. As the demand for biologicals increases, Allosperse will be an important technology for bringing more bio-based offerings to market.”
Kyle Scott, Managing Director of Conexus Venture Capital & Emmertech, says, “We are thrilled to be backing Vive’s outstanding team and the trust they’ve built among farmers with solutions that are efficient, sustainable, and profitable. We look forward to supporting Vive with their R&D infrastructure and entrance into global markets.”
Vive is also pleased to announce the appointment of Kyle Scott to its Board of Directors.
Alastair Cooper, Head of Venture at the Cibus funds, says, “Our investment underlines our commitment to disruptive companies like Vive who place innovation at the core of their business model. As agriculture continues to embrace new technology, we believe Vive products will become increasingly important for maximizing on-farm efficiency and sustainability.”
Graeme Millen, Managing Director and Climate Tech & Sustainability lead in Canada for Silicon Valley Bank, says, “Vive’s unique technology exemplifies the power of next-generation solutions to create sustainable yet profitable outcomes for stakeholders. This approach aligns with SVB’s role as an active partner for high impact Agtech companies and we’re excited to support Vive’s important mission.”
To learn more about Vive Crop Protection, visit www.vivecrop.com.