February 1, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Enko designs safe and sustainable solutions for the largest threats facing farmers today by applying the latest drug discovery and devleopment approaches from the pharma sector to agriculture. 

Since its launch in 2017, Enko has generated hundreds of leading molecules across all categories of crop protection through its ENKOMPASS™ platform which combines DNA-encoded library screening with machine learning and structure-based design to rapidly develop new, better performing, and more targeted chemistries. 

This target-based approach had enabled Enko to generate its industry-leading discoveries in about half the time, with fewer resources, compared to conventional R&D methodologies.

Jacqueline Heard, CEO of Enko, told GAI News in an interview in September 2020, “We need to move beyond the ‘spray and pray’ approach of the past to meet the safety and sustainability needs of today’s farmers, consumers, and regulators by building in safety measures at the very start of the development cycle to stay ahead of future needs. Enko aims to lead the charge in making safer, lower use rate products that provide good returns for farmers the industry standard.”

To drive this work and support the company’s pipeline, which is currently led by a range of herbicides that break the cycles of weed and pest resistance at a lower environmental load than traditional options, Enko announced it has expanded its Series C to $80 million thanks to additional funding from Fidelity-backed Eight Roads Ventures, Nufarm, Endarvor8, and Akroyd LLC. 

“The cracks in our global food system are impossible to ignore, and ag-bio companies like Enko are at the leading edge of applying new digital tools to drive innovation and future proof our food supply,” said Dr. Prem Pavoor, senior partner, head of India & healthcare investments, Eight Roads Ventures. 

“By investing in better crop protection, we can help improve yields, reduce waste, and create more sustainable food systems for our growing population in an increasingly unstable world. In challenging macroeconomic environments, we need to lean into essential systems like agriculture.”

It was in July 2022 when Nufarm led the round when it stood at $70 million and included the Bill & Melinda Gates Foundation, Anterra Capital, Taher Gozal, Eight Roads Ventures, Finistere Ventures, Novalis LifeSciences, Germin8 Ventures, TO Ventures Food, Endeavor8, Alumni Ventures Group, and Rabo Food & Agri Innovation Fund.

Last year also saw Enko and Nufarm announce their partnership to develop new herbicide solutions for the Australian, U.S., and EU markets, in addition to prior partnerships Enko forged with Syngenta and Bayer to develop promising new crop protection options. 

“We were early investors in Enko and have followed the performance of their pipeline in the lab and field over the last two years with increased interest,” said Greg Hunt, managing director and CEO at Nufarm at the time, who explained, “As an agricultural innovator, Nufarm’s strategy is to partner with like-minded companies who recognize that innovation and technology are the future for sustainable agriculture practices. We were delighted to invest in this Series C financing round.”

Enko explained that it will use this newly secured capital to advance the company’s product pipeline of novel crop protection chemistries and to provide critical solutions for large scale, global food security challenges. 

“These funds will help us to amplify our efforts to bring effective new crop protection solutions to market,” said Heard. “Farmers worldwide are struggling with mounting challenges exacerbated by climate change.”

“Enko is working to help growers cost-effectively adapt and mitigate key challenges to the food chain around the world: pesticide-resistant weeds, fungus, and pests.”

~ Lynda Kiernan-Stone is editor in chief 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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