Another day, another dollar into ag.
Davis, CA-based agtech company, Arcadia BioSciences, announced on Thursday it secured $33 million in a private equity Series D. Mandala Capital Ltd., a private equity firm focused on seed tech and other ag sectors in India, led the round with $30 million. Nine of the company’s existing investors, including CMEA Capital, BASF Venture Capital, and Saints Capital, also participated in the round. The series brings the Arcadia’s total raise to $101 million.
“The Series D funding enables us to continue working closely with our licensees and partners to accelerate progress, provide key data for commercial regulatory approvals, and pursue opportunities with new partners,” said Eric Rey, president and CEO of Arcadia. “Multiple products based on Arcadia’s agronomic performance and product quality traits are currently in late-stage commercial development, and our SONOVA® 400 GLA Safflower Oil is already on market.”
Recently named one of MIT Tech Review’s 50 Smartest Companies, Arcadia Biosciences has been around since 2002. Using both GM and non-GM techniques to develop its products, Arcadia has granted more than 70 technology licenses to major seed and consumer product companies, and has developed plant performance traits that include Nitrogen Use Efficiency, Water Use Efficiency, Salt Tolerance, Heat Tolerance, and Herbicide Tolerance. The company’s goal is to make both people and the environment healthier, through the use of better agronomic products.
“We are very pleased to have completed this investment in Arcadia Biosciences,” said Uday Garg, Managing Director of Mandala Capital Limited. “Our investment benefits from exposure to Arcadia’s highly developed, global seed technology platform that touches every major agricultural economy. We are particularly excited about the products in advanced development at Arcadia that address the acute need for crops with traits of water and nitrogen use efficiency, and abiotic stress including drought tolerance in our fund’s target market, India.”
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FEATURED PHOTO: Richard Allaway/Flickr