BDC helps water Agrisoma’s series B crops

Biofuel producer Agrisoma hopes to expand and scale up production of its crops for fuel and animal feed thanks to a $11.5m series B round.

BDC Capital, the investment division of the Business Development Bank of Canada, has co-led a C$15.4m ($11.5m) series B round in biofuel company Agrisoma Biosciences.

VC firm Cycle Capital and investment firm Groupe Lune Rouge co-led the round.Founded in 2001, Agrisoma Biosciences is an agricultural company growing the oilseed carinata, which the company claims is the most sustainable agricultural feedstock for biofuels.

The company also sells carinata protein, an animal feed ingredient that is low in fibre but high in protein and is a byproduct of its biofuel production.

Agrisoma plans to use the capital to scale up production of the carinata crop to expand both its biofuel and animal feed markets, as well as develop and execute new commercial programs in South America. In addition, the company will develop key markets for its carinata business.

Catherine Vu, chief financial officer at Groupe Lune Rouge has joined the board of directors at Agrisoma.

In 2014, Agrisoma raised C$8m in series A funding led by Cycle Capital Management with participation from BDC Capital. In 2009, BDC Capital were also part of a C$2.32m funding round,according to an unsourced claim by deals database Crunchbase.

Steven Fabijanski, president and chief executive of Agrisoma, said: “This funding is enabling us to further the expansion of our business to international markets for our sustainable crop carinata.

“The addition of new shareholder expertise with a focus on sustainability, the environment and global business experience, along with additional support from current shareholders highlights our opportunity and progress with the commercialisation of carinata.”

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