Gimv's AgroSavfe receives €35m from investor consortium

All existing, long-term investors participated in the round, according to a statement. Besides Belgian private equity fund Gimv, which co-founded the business, previous backers include Sofinnova Partners, PMV, Agri Investment Fund, K & E, Biovest, Madeli Participaties, VIB and Qbic.

With an investment of €10m, Antwerp-based corporate Ackermans & van Haaren is backing AgroSavfe for the first time.

The financing will support the further development, registration and commercial scale production of AgroSavfe's biofungicides and bio-insecticides, and further strengthen the company's organisational structure.

Previous funding
The business first received backing from Gimv and a consortium of regional funds (PMV, VIB, Agri Investment Fund, Biovest, Madeli Participaties and Qbic) in 2013. In a statement, Gimv said it co-founded the business.

Four years later, previous backers and new investor Globachem – a Dutch company specialised in the agro-chemical business – invested €7.8m in the business. 

Company
Founded in 2013 as a spinout from the VIB (Flanders Institute for Biotechnology), AgroSavfe designs and develops protein-based biocontrols that provide protection for seeds, crops and food, without leaving behind harmful chemicals. The business is responding to the challenge for the food and agricultural sector to improve production efficiency in a sustainable way while respecting the environment. Th business is based in Ghent.

People
Gimv – Patrick Van Beneden (partner, health & care team).
AgroSavfe – Lieven De Smedt (chairman).

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• Topics
• Expansion
• Benelux
• Healthcare
• Belgium
• Gimv