In Belgium, biopesticide maker Aphea.Bio has raised €9 million in a Series A financing led by V-Bio Ventures. PMV, Agri Investment Fund, VIVES LOUVAIN TECHNOLOGY FUND, Qbic II, Gemma Frisius Fund KU Leuven, Group De Ceuster and VIB also participated.
The company plans to use the funds to develop microorganisms that increase crop yields and protect against specific fungal diseases. The round included €7.7 million in capital and €1.3 million in non-dilutive capital.
“This group of investors… brings along a unique Belgian network and we anticipate through their relationships with scientific institutions and key players in the agricultural sector to further strenghten its position,” says Willem Broekaert, Managing Partner V-Bio Ventures.
Aphea.Bio is a spin-off of the VIB, UGent and KU Leuven.