Vive Crop Protection has announced the closing of its US$26 million Series C investment round. The round was led by Emmertech with participation from Cibus funds and existing investors Business Development Bank of Canada (BDC), Export Development Canada (EDC) and Urbana Corporation. Vive has also secured debt financing from Silicon Valley Bank (SVB) to provide both working capital and growth capital to support their continued expansion.
Vive will conduct a second closing in the next quarter to welcome groups of leading investors who are still completing their due diligence – all strategically focused on next-generation agricultural technology.
Vive will leverage its new funding to accelerate the commercial deployment of its next-generation product portfolio in new North American markets while advancing its research and development pipeline.
“Investment from Emmertech, Cibus funds and existing investors, as well as debt financing provided by Silicon Valley Bank underscores our success in providing innovative solutions to farmers,” said Darren Anderson, CEO of Vive. Crop protection. “We are extremely excited that these new relationships will take our business to the next level, including in global markets.”
Vive’s proprietary Allosperse technology is a nanoscale polymer-based delivery system that improves targeting and performance of synthetic and biological active ingredients, improving farmer ROI and sustainability profile.
“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,” Anderson says. “In addition, feedback from our annual customer satisfaction survey has been overwhelmingly positive, with 97% of respondents indicating a desire to reuse Vive products.”
Over the past 18 months, Vive has experienced rapid growth that is evident in new product registrations and increased customer base, job roster, and revenue – which have more than doubled from sales of its seven products registered with the EPA.
Following the US launch of AZterknot fungicide by Vive in 2021, sales opportunities in new crop segments have been significant. Registered in a wide range of cultures, AZterknot demonstrates Vive’s ability to more efficiently deliver biological and synthetic active ingredients in a single jug.
In its first full marketing season of 2022, AZterknot sales exceeded expectations with product use on more than 50,000 acres in the United States. “AZterknot showcases our ability to deliver biologics with proven chemistry,” says Anderson. “As the demand for biologics grows, Allosperse will be an important technology to bring more bio-based offerings to market.”
Kyle Scott, Managing Director of Conexus Venture Capital & Emmertech, said, “We are thrilled to support Vive’s exceptional team and the trust they have built among farmers with effective, sustainable and profitable solutions. We look forward to supporting Vive with its R&D infrastructure and entry into global markets.
Vive is also pleased to announce the appointment of Kyle Scott to its Board of Directors.
Alastair Cooper, Head of Venture of Cibus Funds, said: “Our investment underscores our commitment to disruptive companies like Vive that put innovation at the heart of their business model. As agriculture continues to embrace new technologies, we believe Vive products will become increasingly important in maximizing on-farm efficiency and sustainability.
Graeme Millen, Managing Director and Head of Climate Technology and Sustainability in Canada for Silicon Valley Bank, said, “Vive’s unique technology exemplifies the power of next-generation solutions to create sustainable yet profitable outcomes for parties. stakeholders. This approach aligns with SVB’s role as an active partner to high impact Agtech companies and we are excited to support Vive’s important mission.
- Seven commercially available products used on more than 2 million acres of US farmland in 2022.
- First to launch a three-way fungicide that combines Allosperse with organic and synthetic chemicals.
- Intellectual property portfolio of over 100 granted patents with others pending, as well as R&D capabilities.
- Recognized as one of Canada’s 2022 Sustainability Changemakers by Sustainable Development Technology Canada (SDTC).
- Recipient of numerous international awards for its innovative Allosperse technology.
Vive recognizes Fort Capital Partners for its advisory role in this round of financing.
Vive Crop Protection closes its funding round, accelerating its precision chemistry platform