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Disruptive potato breeder Solynta secures €16 million in backing
Potato breeder Solynta announced the completion of a €16 million series B financing round by new investors Fortissimo Capital and Innovation Industries as well as existing investors.
Solynta will use this financing round to continue its potato breeding activities and to build a strong commercial organisation that can address the billion dollar challenges within the potato supply chain.
Solynta is headquartered in the Netherlands and has established a hybrid potato breeding based on pure inbred parent lines, a (non-GMO) breeding technology platform. This enables a seed based supply chain which would allow 25 grams of seeds as starting material instead of 2500 kilogram of tubers.
It also allows for the fast and predictable breeding for beneficial traits, such as for example disease resistances, and by this reducing the need for pesticide applications manifold. In this way Solynta believes it can unlock the $70 billion farmgate value crop.
“We are thrilled to have attracted the backing and support of these top-notch investors and see their commitment to Solynta as a further validation of the potential of our hybrid potato breeding platform,” says Hein Kruyt, Solynta’s CEO.
“The proceeds of this financing round combined with the expertise of Fortissimo Capital and Innovation Industries will enable us to drive and expand Solynta’s game changing approach in potato breeding. We look forward to working with them and use their expertise and guidance to unlock potatoes full potential.”
For more information:
Hein Kruyt (CEO Solynta)
Mob: +31 622 416 771
Publication date: 11/29/2017
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