Tropic, a biotechnology company based in Norwich, UK, has raised US$105 million in a Series C funding round to expand the commercial production of its banana varieties and advance the development of other crops. The round was co-led by the Forbion Bioeconomy Fund and Corteva through its Corteva Catalyst investment platform.
Other investors included IQ Capital, Just Climate, ABN Amro, Invest International, Temasek, Five Seasons Ventures, Aliment Capital, Sucden Ventures, Genoa Ventures, and Polaris Partners.
The financing follows the commercial launch of new banana varieties in 2025. According to the company, these were the first new commercial banana varieties introduced in more than 75 years. The varieties include a non-browning banana and a banana with an extended shelf life designed to increase shelf life by 12 days.
© Tropic
Tropic stated that demand for its banana varieties currently exceeds supply. The company plans to use the funding to expand plant production capacity, strengthen supply chains, and support commercial partnerships in export markets.
The company is also developing banana varieties with resistance to diseases such as Panama Disease (TR4) and Black Sigatoka. In 2025, plants from its TR4-resistant program were shipped to establish a mother plantation, supporting commercial deployment expected from 2027.
Panama Disease (TR4) has been reported in more than 20 countries and affects global banana production.
The company also plans to expand the development of rice varieties and explore other crops described as climate-resilient.
Gilad Gershon, CEO of Tropic, said the funding will support expansion of the company's production and research activities. "2025 proved that our technology delivers – not in the distant future, but right now. With two banana varieties already on the market and demand outstripping supply, this investment enables us to scale global production and expand into new crops faster than ever before."
Joy Faucher, General Partner at Forbion, said the investment reflects interest in biotechnology applications in agriculture. "Tropic has proven its leading position in addressing these threats by bringing its innovative technology to market and providing durable, scalable, and resilient solutions to growers."
Tom Greene, Senior Director at Corteva, said the investment supports the development of crop varieties using gene-editing technology. "Tropic's non-browning banana varieties are a promising example of how the agriculture industry is leveraging innovation to deliver new and improved choices for farmers and consumers worldwide."
The company stated that the funding will support expansion of its banana and rice programs and further development of its gene-edited crop pipeline.
© TropicFor more information:
Tropic
Tel: +44 (0) 1603 274 441
Email: [email protected]
www.tropic.bio
