Vive Crop Protection, a Mississauga-based AgTech startup, secured an extension of US$8.4 million (C$11.2 million) to its Series C financing round.
Several current investors who contributed to the extension include the Business Development Bank of Canada (BDC), Export Development Canada (EDC), Urbana Corporation, Co-operators, Emmertech, Lex Capital, and iSelect.
This follows a previous close of US$26 million (C$34 million) in August 2022, bringing the round’s total to US$34.4 million (C$45.9 million).
Vive plans to use the funds to fuel its laboratory expansion and headcount growth, further enhancing its research and development efforts. There are also plans to expand into underserved North American markets and scale its marketing and demand generation capabilities.
The continued support of our investors, especially in a challenging equity market, demonstrates the strong belief that Vive’s potential is unlimited. We are excited to scale the business as we expand our facilities and bring more products to the North American market.”
Darren Anderson, CEO of Vive Crop Protection
Also read: Canadian agtech startup raises seed to better monitor trees
Vive’s Allosperse® technology enhances pesticide sustainability
Vive Crop Protection, founded in 2006, has been developing products and technologies to increase grower ROI, efficiency and sustainability. Its key innovation, the Allosperse® Delivery Technology, utilizes patented polymer “shuttles” to enhance the targeting and performance of pesticide active ingredients. By doing so, this technology improves farmers’ return on investment (ROI) and enhances their sustainability profile.
Vive is one of the fastest-growing companies across all sectors, not just in agriculture, and has an incredibly high-performing team. We see an exciting growth trajectory ahead; the future of Vive has never been brighter, and we are thrilled to be a part of the journey alongside them.”
Kyle Scott, Managing Director of Emmertech
In earlier announcements, Vive revealed its first Canadian product, the Asteroid™ FC3.3 fungicide, powered by the Allosperse technology. This product specifically aids local potato growers in combatting diseases like Black scurf and Rhizoctonia.
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