Cheshire, UK – CroBio, a pioneering agtech company dedicated to revolutionizing agriculture through advanced microbial technology, has announced the successful closure of a €1.45 million seed funding round. Spearheaded by prominent US investors such as The Grantham Foundation for the Protection of the Environment, the funding also saw participation from SOSV and Ponderosa Ventures, with continued backing from the Catapult Ventures Group.
CroBio’s groundbreaking strategy to combat drought and regenerate soil involves the utilization of specially engineered microbes that form a sponge-like layer around plant roots. This innovative technique not only enhances agricultural resilience to drought but also contributes to the reduction of greenhouse gas emissions.
Wayne Mulhall, Co-founder and CEO of CroBio, emphasized the urgency of their mission in addressing global challenges: “In this pivotal moment for our planet, it’s imperative that we develop solutions to curb greenhouse gas emissions, combat climate change, and sustainably feed a growing population. CroBio’s innovation aims to meet these pressing needs.”
The newly secured funding will facilitate CroBio in conducting field trials with strategic partners and expanding its operational footprint. Ross Mulhall, Co-founder and Chief Scientific Officer, expressed gratitude for the support received: “We are proud to be at the forefront of the agtech community, pushing the boundaries of biological solutions to tackle critical challenges. Our investors share our commitment to planetary health and sustainable futures.”
Highlighting the significance of CroBio’s mission, Sam Lefkofsky from The Grantham Foundation for the Protection of the Environment stated, “Droughts play a pivotal role in exacerbating climate change. We are excited to support CroBio in enhancing drought resilience within the agricultural sector.”
Founded in 2019 by Ross Mulhall during the YES19 competition at Syngenta’s Jealott’s Hill Facility, CroBio has steadily progressed with support from Wayne Mulhall. The company’s journey began with a bootstrap funding round, securing intellectual property along the way.
Since then, CroBio has made significant strides, leveraging initial investments to refine bacterial strains for greenhouse trials. In 2023, the company received a substantial investment from SOSV and earned a coveted spot in the IndieBio program, an accelerator renowned for nurturing scientific talent into successful entrepreneurs. This achievement underscores CroBio’s commitment to innovation and industry leadership in addressing pressing agricultural challenges.
