August 23, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Canadian agtech venture capital fund Emmertech has led a $26 million Series C for Vive Crop Protection (Vive), a precision chemistry company that has developed technology that improves the targeting and performance of both synthetic and biological inputs. 

Cibus funds, and existing investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), and Urbana Corporation have also participated in the round, while Vive also has secured debt financing from Silicon Valley Bank (SVB) to provide both working and growth capital in support of the company’s strategic goals.

Vive also noted that it plans for a second close within the next quarter to accommodate top-tier investors that are still conducting due diligence.

Founded in Ontario, Vive is the developer of the patented  Allosperse® Delivery System – a nanoscale, polymer-based delivery platform that helps growers achieve optimum return on investment and sustainability profiles by improving the efficacy and targeting of chemical and biological active ingredients.

With the capital from this round, Vive is looking to accelerate its R&D pipeline, and the commercial deployment of its next-generation product portfolio into new North American markets.

“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, CEO, Vive Crop Protection. “We’re extremely excited about how these new relationships will propel our business to the next level, including into global markets.”

Kyle Scott, managing director of Emmertech, who has also been named to Vive’s board as part of this investment, added, “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.”

Over the past 18 months, Vive has seen rapid growth – an achievement reflected in the company’s number of new product registrations, expanding customer base, growing team, and climbing revenue, which has more than doubled due to sales of its seven EPA-registered products.

“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,” said Anderson. “In addition, feedback from our annual customer satisfaction survey has been overwhelmingly positive with 97 percent of respondents indicating their desire to re-use Vive products.”

In 2021 Vive launched its AZterknot® fungicide. The company stated that sales opportunities in new crop segments have been significant, enabling AZterknot  to be registered across a broad spectrum of crops.

In 2022, over the course of Vive’s first full marketing year, AZterknot sales exceeded expectations, with the product being used on more than 50,000 acres across the U.S.

“AZterknot showcases our ability to deliver biologicals with proven chemistry,” stated the company. “As the demand for biologicals increases, Allosperse will be an important technology for bringing more bio-based offerings to market.”

All told, the company’s seven products are being used on more than 2 million acres of U.S. farmland as of this year.

The company also was the first to launch a three-way fungicide that combines Allosperse with biological and synthetic chemistries; has built out an IP portfolio including more than 100 patents, with additional patents pending; has been the recipient of multiple international awards for its cutting-edge Allosperse technology; and has gained recognition as one of Canada’s  Sustainability Changemakers for 2022 by the Sustainable Development Technology Canada (SDTC) organization.

 “Our investment underlines our commitment to disruptive companies like Vive who place innovation at the core of their business model,” said Alastair Cooper, head of venture, Cibus funds. “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, added, “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.” 

~ Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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