Vancouver-based clean food technology provider Terramera has secured $13 million in subordinated debt financing from Business Development Bank of Canada (BDC).
BDC invested through Ottawa’s $700 million clean technology strategy, announced last year.
Terramera will use the proceeds for facilities, equipment and staffing to develop and commercialize its technologies, which focus on plant-based replacements for synthetic chemical pesticides and fertilizers to increase agricultural yields.
Terramera, founded in 2010 by CEO Karn Manhas, raised an investment in 2016 from IKEA Group‘s venture capital arm.
It is also backed by ACA Investments, Bold Capital Partners, Export Development Canada, Maumee Ventures, Renewal Funds and Seed 2 Growth Ventures.
PRESS RELEASE
Terramera secures USD $10 million in financing from BDC
Investment will help Vancouver-based cleantech firm commercialize technologies that promise to revolutionize agriculture
MONTREAL, Feb. 21, 2019 /CNW Telbec/ – BDC will provide $13 million (USD $10 million) in growth capital financing to Terramera, a leader in Technology for Clean Food that is pioneering a sustainable future for agriculture, as part of the bank’s support for high-potential Canadian cleantech innovators.
Terramera will use the financing as growth capital for facilities, equipment and staffing to accelerate the commercialization of its game-changing technologies that promise to revolutionize regenerative agriculture.
The financing, provided by BDC’s Cleantech Practice in the form of subordinated debt, will also allow Terramera to accelerate research and development of natural, plant-based replacements for synthetic chemical pesticides and fertilizers, which would significantly increase agriculture yields while dramatically cutting synthetic chemical use.
“We are delighted to be working with BDC to achieve our vision of using technology to create a world with affordable, clean food for everyone,” said Karn Manhas, Founder and CEO of Terramera. “Our goal is to help increase global agriculture yields by 20% while reducing the synthetic chemical load in agriculture by 80% by 2028, positively impacting the lives of at least a billion people and the economics of agriculture. Working to achieve these goals is imperative to feed the world’s growing population with sustainable, regenerative solutions.”
“Terramera exemplifies the kind of transformative firms we are proud to work alongside at BDC,” says Susan Rohac, Vice President, Cleantech Practice at BDC. “Terramera is excellently positioned to scale and deliver on its vision of achieving greater global food security thanks to its very promising technologies and talented management and technical team.”
In January, Terramera was named to the Global Cleantech 100 list, a ranking of the world’s top 100 most globally-impactful cleantech firms, for a second year in a row. Vancouver-based Terramera produces products for farmers and consumers to meet the growing demand for clean food and alternatives to conventional synthetic pesticides and fertilizers, representing a USD $78-billion market.
BDC’s financing is part of the bank’s $700-million, five-year commitment announced in 2018 to help high-potential Canadian cleantech firms with market-ready technology or products meet the capital-intensive needs of scaling and achieving timely growth.
About Terramera
Terramera is a global leader in Technology for Clean Food with a mission to increase global yields while decreasing synthetic chemical loads, so we can grow affordable, clean food for everyone. Terramera develops high-performance natural alternatives to synthetic chemical pesticides and fertilizers. We are committed to cultivating safe, healthy homes and environments, and developing highly effective natural products for consumers and farmers. Terramera uses technology to unlock the power in nature, so we can live healthier, make clean food affordable and feed the world. Find out more at:
For further information: Jessica Wolford, VP, Communications | Terramera, Jessica.wolford@terramera.com, 1-604-409-8070