September 19, 2024

By Gerelyn Terzo, Global AgInvesting Media

U.K.-based ag-biotech startup Solasta Bio, which helps growers protect crops with nature and peptide-based insecticides, has secured $14 million in an oversubscribed Series A fundraising round. Led by Forbion through its BioEconomy fund strategy, the round also included an investment from sustainable ag-focused FMC Ventures, the corporate VC arm of FMC Corp, and Corteva Catalyst. Proceeds from the round will be directed toward accelerating the development of Solasta’s innovative peptide-based, nature-inspired bioinsecticides. Since its founding in 2020 by a team of professors, Solasta’s total fundraising rally hovers at $19 million.

Existing investors Cavallo Ventures (the VC arm of Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and the University of Glasgow also returned for the latest round. As part of the agreement, Solasta will gain the expertise of lead investor Forbion’s Joy Faucher, who will join the company’s board of directors. Forbion and FMC Ventures were advised by law firm Goodwin.

According to the U.N. Food and Agriculture Organization, 40 percent of global crop production is erased due to plant pests and diseases. Solasta’s fundraising round comes on the heels of a fruitful trial season in which its insect control agents showed desired efficacy, equal to or better than commercial standards based on roughly two-dozen field trials on multiple crops across Europe, the U.K. and the United States. Backers cheered Solasta’s first-mover advantage for a tech-based platform that creates insect control agents, aka bioinsecticides, inspired by nature, not a synthetic chemistry library.

According to Solasta Bio CEO and Co-Founder Shireen Davies Ph.D, FRSE, the company is now targeting the commercialization of its crop protection solution. She stated, “The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides. With Series A now secured, it’s time for SOLASTA Bio to kick on to the next level and successfully hit our targets for commercialization.”

In recent months, Forbion achieved first close of its BioEconomy Fund at EUR 75 million, specializing in biotech-enabled solutions in sectors such as food and agriculture. Forbion BioEconomy Partner and new Solasta board member Joy Faucher stated,

“As traditional insect control agents struggle with resistance and impact to biodiversity, Solasta is poised to revolutionize the crop protection market at a critical time, with a cost-effective, sustainable and high-efficacy alternative that can be adopted seamlessly by farmers. The team’s deep expertise in insect neuropeptide modalities, their differentiated tech platform and proven real-world data provide a unique position to launch a series of first-in-class products that can redefine the agriculture industry.”

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