UC Davis's probiotics spinout secured an undisclosed amount as Bow Capital backed the first close of a series D round with a $55m target.

Evolve BioSystems, a US-based probiotics developer spun out of University of California (UC) Davis, reached the first close of a $55m series D round co-led by agricultural conglomerate Cargill. Investment firm Manna Tree co-led the first tranche, the size of which was not disclosed and which also included Bow Capital, a venture capital firm anchored…

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