Mississauga, Ontario-based agricultural technology company Vive Crop Protection has secured $10 million in follow-on financing.
The round was backed by new and existing investors, including U.S. venture capital firm Middleland Capital and the cleantech practice of the Business Development Bank of Canada (BDC).
Founded in 2006 out of the University of Toronto, Vive develops new ways to use crop protection products using its Allosperse Delivery System, which improves the targeting and performance of pesticide ingredients. This creates farming efficiencies, as well as higher crop quality and yields.
Led by CEO Darren Anderson, Vive will use the funds raised for commercialization of new products and continued field development.
PRESS RELEASE
$10 Million Investment in Vive Crop Protection
August 27, 2019
$10 million investment will allow Vive Crop Protection to produce high value products for sustainable agriculture
Vive Crop Protection is pleased to announce the closing of its $10 million financing from existing and new investors, including Middleland Capital and the Business Development Bank of Canada’s (“BDC”) Cleantech Practice. This capital will support commercialization of three new crop protection products and continued field development of Vive’s deep pipeline.
Darren Anderson, CEO of Vive Crop Protection says, “Thanks to the leadership of Vive Executive Chairman Keith Thomas, we were able to close this financing round led by investors who understand the value of Vive’s technology.”
Vive’s patented Allosperse® Delivery System has unlimited potential in the North American and global crop protection markets because it allows agricultural chemicals that were previously incompatible to now be mixed with liquid fertilizer and applied at the right time for maximum benefit to the crop. It also saves farmers time and money by limiting the number of times they need to drive equipment over the field to manage their crop.
In the 2020 crop season, the Allosperse Delivery System will be included in five Vive-branded products and a number of products available through other manufacturers.
“We are delighted to be working with this group of investors because it puts Vive in a strong position for rapid growth in this exciting industry,” says Anderson.
This investment is part of BDC’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.
“Vive’s impressive growth and market traction speak to its management’s ability to bring this innovative technology to a market with a challenging sales cycle” said Susan Rohac, Vice President, Cleantech Practice at BDC. “This investment will accelerate Vive’s mission of increasing farm efficiency and productivity while reducing the farmer’s environmental impact.”
Jahangir Bhatti, Director, Cleantech Practice, who led the investment for BDC’s Cleantech Practice, added “Vive’s proprietary Allosperse technology creates a compelling ROI for the farmer by simplifying the pesticide application process. With multiple product launches in the near future, Vive is poised for rapid scale-up as their products have potential to become a critical component of a farmer’s operation.”
Canada’s Minister of Small Business and Export Promotion, the Honourable Mary Ng, noted that “Canada is a world leader in clean technology. That’s why our government is making unprecedented investments to help Canada’s best small and medium-sized businesses working in clean technology scale into innovative global champions. Our government is committed to growing the economy and protecting the environment.”