Aug 25, 2022Vestaron’s investment round increases to $92 million
Vestaron, a leader in peptide-based biological crop protection, has received an additional $10 million in its Series C fundraising, bringing the total $92 million.
The additional investment comes from Grosvenor Food & Agtech, which joins Ordway Selections, Cavallo Ventures, Argonautic Ventures, Fortistar, Endeavor8, Novo Holdings, Northpond Ventures, CGC Ventures, iSelect and Syngenta Ventures in this round.
Headquartered in Research Triangle Park, North Carolina, Vestaron is proving false the narrative that efficacy is sacrificed for the safety benefits of biological insecticides, according to a news release. The company has developed highly effective peptide-based biological insecticides, priced at parity with leading chemical pesticides, and designed to be soft on honeybees as well as other pollinators and beneficial insects, and also safe for fish and mammals. The SPEAR brand family of products provides a novel and unique mode of action in a biological solution as effective as synthetic options, creating the opportunity to incorporate the new IRAC Group 32 into rotation recommendations for resistance management.
The additional funding will enable Vestaron to accelerate the development of its product pipeline, consisting of additional peptide empowered solutions, each with a novel mode of action. These offerings will change the approach to integrated pest management strategies by providing a portfolio of powerful and rotatable solutions for growers to overcome pesticide resistance without sacrificing performance or safety, according to the release. This funding will also fuel Vestaron’s expansion from specialty fruit, vegetable and nut crops into broad acre row crops and into new insect pest categories.
“Grosvenor Food & AgTech partners with businesses that leverage innovative technology to improve the world’s production of food,” Monty Bayer of Grosvenor Food & AgTech said in the release. “Vestaron’s platform of effective peptide-based solutions are on a path to transform crop protection.
“The future of global food systems depends on the ability of growers to successfully grow and profitably sell their crops, and we’re excited to invest in Vestaron’s sustainable, people- and pollinator-friendly pesticides that can vastly reduce the $70 billion in crop losses now faced by growers each year,” Bayer said in the release.
Vestaron CEO Anna Rath welcomes the partnership.
“We’re excited to work with Grosvenor Food & AgTech because of their deep experience investing in the agtech sector,” Rath said in the release. “They’re one of the longest established investment firms in the space, and we look forward to leveraging their strengths as we continue to grow.”