Gimv in €7.8m series-B round for AgroSavfe

All previous investors in the group, including Gimv and a consortium of regional funds (PMV, VIB, Agri Investment Fund, Biovest, Madeli Participaties and Qbic), recommitted capital. They were joined by new investor Globachem – a Dutch company specialised in the agro-chemical business.

With the fresh funding, the group will keep developing its main product Agrobodies. AgroSavfe is hoping to submit the product for regulatory approval in Europe and the US next year.

The group also said it would aim to develop a new generation of biopesticides, pursue a product development programme and expand its team at Ghent’s technology park, where it is based.

Previous funding
In 2013, Gimv led a €5m investment in AgroSavfe alongside regional funds PMV, Sofi, Qbic and VIB. The GP invested €2m from its Gimv-Agri+ Investment Fund, a joint venture with Boerenbond and Biotech Fond Vlaanderen (a fund also managed by Gimv).

Company
Founded in 2013, AgroSavfe is a Belgian agro-biotech company focusing on the protection of green crop products. The group is a spinout from Vlaams Instituut voor Biotechnologie and draws upon technology developed at the Free University of Brussels. The company is located in the VIB Bio-Incubator in Ghent's technology park. 

People
Gimv – Patrick Van Beneden (partner, executive vice-president for life sciences).

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