MLS Capital Fund II, which is co-managed by Spruce Capital Partners and Xeraya Capital, has initiated its investment activity by serving as the lead in a Series A round of fundraising for ag-biotech firm, Provivi Inc.
Founded in 2013, Provivi develops bio-based pest control technologies for agricultural production, commercial, household, and public health applications. Leveraging both its own technological advances and scientific breakthroughs at the California Institute of Technology, Provivi uses biological and chemical processes to manipulate molecules used by insects for communication to develop safe, and effective pest control methods that can be used across all forms of agriculture – traditional, organic, and GMO.
MLS Capital also served as the lead in a Series C round of fundraising for GreenLight Bioscience, a developer of bio-based chemicals from renewable, non-petroleum-based sources.
“With these initial investments in the fund, we are setting the tone for the types of breakthrough technologies we are targeting within the Bioeconomy,” said Dr. Ganesh Kishore, Managing Partner of Spruce Capital Partners. “They represent large potential markets that address significant global societal needs while replacing unsustainable and potentially toxic alternatives.”
Both companies declined to release the size of the fundraising rounds.