FUNDING ROUND COMPLETED FOR DEVELOPMENT OF BIOINSECTICIDES FOR POTATOES AND OTHER CROPS
SOLASTA Bio, an agri-biotech company specialising in the next generation of green insecticides, has completed an oversubscribed $14 million Series A funding round to accelerate the development of its peptide-based, nature-inspired bioinsecticides.
The investment round was led by venture capital firm Forbion via its BioEconomy Fund strategy, with co-lead investment from FMC Ventures (FMC Corporation) and Corteva Inc, through its Corteva Catalyst platform. Participation from existing investors included Cavallo Ventures (Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and University of Glasgow, bringing the total raised to date to $19 million. In the context of this roun,d Joy Faucher from Forbion will join the company’s board of directors.
Series A funding follows a successful 2023 trials season in which SOLASTA Bio’s insect control agents demonstrated efficacy on par or better than commercial standards across 20+ field trials on multiple crops in Europe, the UK and US.
Established in 2021, Glasgow-based SOLASTA Bio has developed a technology platform for creating insect control agents that are nature-inspired. These environmentally-friendly agents target insect pests while protecting beneficial pollinators such as bees. They can be used in field and storage applications.
It is hoped the bioinsecticides can be brought to market as early as 2027.
The company’s Co-Founder Shireen Davies said: “The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides.”
