Canadian startup Vive Crop Protection closes $26m funding round to accelerate its precision chemistry platform
Vive Crop Protection announced the close of $26 million Series C investment round, led by Emmertech with participation from the 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 and growth capital in support of their continued expansion.
Vive will have a second close in the next quarter to accommodate top-tier investor groups still completing diligence - all strategically focused on next-generation agriculture technology. Vive will leverage its newest funding to accelerate the commercial deployment of its next-generation product portfolio into new North American markets while advancing its research and development pipeline.
Darren Anderson, Chief Executive Officer, Vive Crop Protection: "The investment by Emmertech, the Cibus funds, and existing investors, and the debt financing provided by Silicon Valley Bank underscores our success in delivering innovative solutions to farmers. We're extremely excited about how these new relationships will propel our business to the next level, including into global markets. 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. In addition, feedback from our annual customer satisfaction survey has been overwhelmingly positive with 97% of respondents indicating their desire to re-use Vive products."
Vive's proprietary Allosperse technology is a nanoscale, polymer-based delivery system that improves the targeting and performance of both synthetic and biological active ingredients, enhancing farmers ROI and sustainability profile. In the last 18 months, Vive has experienced rapid growth which is evident in new product registrations, and increases in customer base, employment roster, and revenue - which has more than doubled from sales of its seven EPA-registered products.
Following Vive's 2021 U.S. launch of AZterknot fungicide, sales opportunities in new crop segments have been significant. Registered across a broad spectrum of crops, AZterknot demonstrates Vive's ability to more effectively deliver both biologicals and synthetic active ingredients in a single jug. In its first full marketing season of 2022, AZterknot sales exceeded expectation with product use on more than 50,000 U.S. acres.
Kyle Scott, Managing Director, Conexus Venture Capital & Emmertech: "We are thrilled to be backing Vive's outstanding team and the trust they've built among farmers with solutions that are efficient, sustainable, and profitable. We look forward to supporting Vive with their R&D infrastructure and entrance into global markets." Vive is also announced the appointment of Kyle Scott to its Board of Directors.
Alastair Cooper, Head of Venture, Cibus Funds: "Our investment underlines our commitment to disruptive companies like Vive who place innovation at the core of their business model. As agriculture continues to embrace new technology, we believe Vive products will become increasingly important for maximizing on-farm efficiency and sustainability."
Graeme Millen, Managing Director and Climate Tech & Sustainability lead in Canada for Silicon Valley Bank, says, "Vive's unique technology exemplifies the power of next-generation solutions to create sustainable yet profitable outcomes for stakeholders. This approach aligns with SVB's role as an active partner for high impact Agtech companies and we're excited to support Vive's important mission."