CroBio Lands €850k to Advance AgTech Innovations
Deal News | Feb 12, 2025 | Catapult Ventures Group
Cheshire-based AgTech startup CroBio has announced that it has secured €850,000 in new funding through a grant facilitated by the UK's Department for Environment, Food and Rural Affairs' (Defra) Farming Innovation Programme and supported by Innovate UK. The funding is part of a partnership with the University of York and the Biorenewables Development Centre and aims to advance CroBio's cutting-edge living soil amendment technology. This technology operates by using enhanced microbes to improve nutrient retention, water retention, and carbon sequestration in soils. Founded in 2019 by Ross Mulhall, CroBio has been on an upward trajectory, marked by prior investments from Catapult Venture's GM&C Life Sciences Fund and accelerator backing from SOSV's IndieBio program. The new financing is expected to accelerate CroBio's research and development efforts, potentially benefiting farmers by reducing their reliance on chemical fertilizers and improving environmental and soil health. The funding underscores CroBio's commitment to sustainable agriculture and the transformation of soil health management, aiming for significant impacts within the UK and wider European markets.
Sectors
- Agriculture Technology (AgTech)
- Biotechnology
- Venture Capital
Geography
- United Kingdom – The article primarily discusses events and investments occurring within the UK, involving local institutions like the University of York and funding from UK government programs.
- Europe – The funding aims to expand CroBio's technology and impact across Europe, indicating broader geographic ambitions beyond the UK.
Industry
- Agriculture Technology (AgTech) – The article focuses on an AgTech startup, CroBio, which is engaged in advancing agricultural technologies through enhanced microbes for soil health.
- Biotechnology – Biotechnology is central to CroBio's activities, involving the development and application of microbial technologies for agricultural improvements.
- Venture Capital – The article discusses funding rounds and investment initiatives, highlighting the role of venture capital firms like Catapult Ventures in supporting CroBio.
Financials
- €850,000 – The recent grant funding received by CroBio to advance their living soil amendment technology.
- €805,000 – Previous funding round amount invested to enhance microbial technology, indicating consistency in financial inflow.
- €505,000 – Investment made by SOSV in 2023, indicating ongoing financial support for CroBio's technology development.
- €1.4 million – Seed round funding announced in April 2024, highlighting continued investment interest in CroBio's innovations.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CroBio | Target Company | Company | An AgTech startup focused on developing innovative technologies to improve soil health using enhanced microbes. |
| Catapult Ventures Group | Investor | Company | A venture capital firm that has previously invested in CroBio through its GM&C Life Sciences Fund. |
| Department for Environment, Food and Rural Affairs (Defra) | Funder | Government | A UK government department providing the grant funding as part of its Farming Innovation Programme. |
| University of York | Collaborative Partner | Government | An institution partnering with CroBio on this project, contributing to the technology's development and application. |
| Biorenewables Development Centre | Collaborative Partner | Company | A development center working alongside CroBio to enhance their soil amendment technology. |
| Innovate UK | Supporter | Government | A UK government agency supporting innovation, involved in backing the grant provided to CroBio. |
| SOSV | Investor | Company | An investment firm that provided a significant funding boost to CroBio and offered a place in the IndieBio accelerator program. |
| IndieBio | Accelerator | Company | An accelerator program by SOSV supporting CroBio in refining and developing their microbial technologies. |