Elicit Plant - an agri-biotech company specializing in biosolutions for broad acre crops - announced it raised a $48 million B Series round to accelerate its worldwide expansion, with a particular focus on the U.S. Corn Belt.
Led by Carbyne Equity Partners a private equity fund, with the participation from existing investors Sofinnova Partners, ECBF, and the the Ecotechnologies Fund II managed by BPI France Investissement, the $48 million raised will allow Elicit Plant to accelerate its market expansion and specifically:
— Enter the U.S. market by 2025 and accelerate commercial development in key markets in Europe and Brazil.
— Expand strategic partnerships with agri-input players initiated by Bayer and BASF to ensure on-the-ground adoption.
— Fuel innovation momentum through a significant R&D focus and diversify its portfolio of bio-based solutions for key crops, supported by strategic research partnerships.
As a large percentage of the U.S. land area is experiencing water stress, farmers have been turning to sustainable solutions to mitigate the impacts of climate change. And Elicit Plant’s technology platform has enabled the development of phytosterol-based biosolutions, natural molecules compatible with sustainable agriculture.
Elicit Plant provides innovative products that utilize the unique properties of phytosterols to enhance plant health in the face of environmental stress, including reducing crop water consumption by 20%.
Since 2022, Elicit Plant has launched effective products for maize, cereals, sunflower, and soybean crops, boosting plant resilience and offering a unique solution to water scarcity.
With the first employees and partnerships in the US and field trials conducted in the Corn Belt since 2022, which have shown the performance of the Product to produce yield gains and economic value for the farmers, Elicit Plant is prepared to strengthen its presence and will dedicate a substantial part of the new funding to make a breakthrough in the US market.
Following the successful registration of its product Bomafit Corn in more than ten Corn Belt states in 2024, the company is ready to launch its product in 2025 and expand its product range to soybean and other crops by 2027.
KEY QUOTES:
“This funding has been possible thanks to the validated performance of our products at large scale and our fast-growing success in the French, European, and Brazilian markets. We are at the forefront of delivering to farmers proven field solutions to mitigate the impact of climate change. As the global demand for our products grows, this fundraising provides us with the resources to enable us to enter strategic markets like the United States and become a global leader by 2028.”
— Jean-François Déchant , CEO of Elicit Plant
“I am impressed by the excellent achievements Elicit Plant has accomplished in such a short time, with a unique ability to combine scientifically validated innovation, speed of execution, and rapid commercial success. Elicit Plant’s unique technology platform positively impacts the planet and provides farmers with concrete, natural and efficient solutions to address the challenges of climate change. This new fundraising accelerates their international expansion, especially in the US. I am looking forward to working alongside the team.”
— Dr. Pam Marrone , Chairwoman of the Board of Directors of Elicit Plant
