August 10, 2024

By Gerelyn Terzo, Global AgInvesting Media

U.K.-based agtech PheroSyn, an early-stage startup specializing in the development of insect pheromones for crop protection, has received a capital injection from Canadian VC firm Tall Grass Ventures to advance its sustainable pest management solutions. While the the size of the investment is being held close to the vest, the funds will be directed toward expanding its product portfolio, accelerating R&D and reaching a wider market amid a mission to replace harmful chemical pesticides with more sustainable alternatives.

The latest partnership comes on the heels of a separate, new investment by accelerator VC Rockstart, which backed PheroSyn through its AgriFood Fund in April. For its part, Tall Grass Ventures recently reached the final close of its inaugural fund, Tall Grass Fund I, at CAD$32 million (US$23.3 million), which the firm upsized owing to robust investor demand.

PheroSyn, a spinout from ag research institute Rothamsted Research, uses the power of nature to help growers protect their crops while minimizing the environmental impact of conventional pesticides. The agtech develops novel pheromone-based products for particular insect species, resulting in a safer, more targeted and sustainable approach to pest management. By harnessing a combination of science research and its development facilities, PheroSyn through its pheromones delivers a one-two punch of precise harmful species detection and highly targeted eradication strategies. These pheromones, which are intended for use in agriculture and horticulture, are outside of the scope of current commercial production methods.

According to the USDA, anywhere between 20 percent and 40 percent of global crop production is erased due to pests each year with invasive insects costing the global economy approximately $70 billion annually, UN data show. In addition to destroying crops, insects are to blame for spreading devastating diseases in humans, livestock and forests.

PheroSyn Co-Founder and CEO Dr. Mary Ellis stated, “Ultimately, farmers and growers across the world are facing renewed pressures with fewer products in their toolbox, and this support will allow us to scale and expand our solutions to help protect crops while also preserving the earth’s biodiversity.”

Dr. Ellis told GAI News, “This partnership with Tall Grass Ventures marks a crucial step in achieving our mission to reduce agriculture’s reliance on chemical pesticides. Their understanding of the urgency in which the global agricultural community must act to embrace more sustainable farming methods aligns perfectly with our vision, and together, we’re poised to make a substantial impact worldwide.”

As a new backer of PheroSyn, the Tall Grass partnership came through the agtech’s network. Dr. Ellis “has a deep connection with Canada and Canadian agriculture having lived there for 18 years,” a company spokesperson explained.

Tall Grass Ventures Managing Partner Chris Edwards stated, “Insect pheromones are not easy to synthesize accurately, and so PheroSyn’s unique technological approach coupled with a market waiting for a solution, really made us stop and take notice.”

Mark Durno, managing partner of fellow PheroSyn backer Rockstart AgriFood, recently shared, “Our world needs natural solutions to control pests in order to maintain crop yields without the need for toxic pesticides. We are proud to invest in PheroSyn and believe in their mission to reduce the use of pesticides at the same time as creating more affordable and more effective pest controls for farmers.”

PheroSyn has the capital winds at its sales, as a company spokesperson told GAI News, “There is some serious momentum growing on the fundraising side with more news to follow in the coming months.”

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