ECBF has supplied an extension to Aphea.Bio’s series B round, which already included Gemma Frisius Fund, Qbic, Vives and V-Bio Ventures.
Aphea.Bio, a Belgium-based agriculture technology provider spun out of multiple institutions, increased its series B round to €18m ($21.8m) today following an extension supplied by the European Circular Bioeconomy Fund.
The company secured an initial $16.8m from investors including KU Leuven’s Gemma Frisius Fund, multi-university venture fund Qbic II, VIB-affiliated fund V-Bio Ventures and Vives Fund, an investment vehicle for Université catholique de Louvain.
The first close was led by Astanor Ventures and also featured agriculture and environmental care product supplier Group De Ceuster, Flemish state-owned PMV and Agri Investment Fund.
The initial series B capital was revealed in November 2019 but Aphea.Bio confirmed in its latest announcement that the tranche completed the previous month.
Founded in 2016, Aphea.Bio produces naturally-derived pesticides and stimulants to protect farm crops and boost yields by improving nutrient uptake and killing noxious bugs and vermin.
The additional series B capital allows Aphea.Bio to further develop its portfolio of biostimulant and biofungicide products towards regulatory approval and commercial launch.
Aphea.Bio emerged from stealth in 2017 as a spinout of Ghent University, KU Leuven and VIB, the last of which participated in a $8.7m series A round at the time. The series A round was led by V-Bio Ventures and included Qbic II, Vives and Gemma Frisius Fund.
Group De Ceuster, PMV and Agri Investment Fund also contributed to the series A round.
