Elicit Plant raises €16M to accelerate R&D and marketing of its natural solution for the reduction of crop water consumption

• Elicit Plant raises €16M to accelerate R&D and marketing of natural solution for reduction of crop water consumption
• Sofinnova Partners led the Series A financing round, with the support of ECBF, Bpifrance and historical investors.

February 07, 2022

MOULINS-SUR-TARDOIRE, France -- Elicit Plant, an AGtech company specialized in crops’ water resistance and in the development of innovative phytosterol-based solutions, announced a €16 million Series A financing round, led by Sofinnova Partners.

Elicit Plant was founded in 2017 with the ambition to become a sustainability transition champion in agriculture and respond to the global challenge of water stress in crops. The firm’s proprietary technology platform brings a breakthrough solution in the water stress resistance market, which is part of the €4 Bn global market of biostimulants. Through its laboratories located in a precision farm in the Charente region of France, and its Brazilian branch in Sao Paulo, the firm has developed an innovative biostimulant using phytosterol, a molecule found in plants. The solution naturally boosts plants metabolism, reducing their need for water and allowing for a better resistance to water stress.

The Series A financing, led by Sofinnova Partners, had the support of ECBF, Bpifrance, and the historical investors Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion; the rest of the funding came from a banking pool and public programs from Region Nouvelle Aquitaine and Bpifrance.

Michaël Krel, Partner at Sofinnova Partners, said: “Elicit Plant brings together three components at the heart of a successful AGtech company with a strong environmental impact: a disruptive scientific approach, an extensive field expertise, and a solid entrepreneurial experience."

For more information, see:
The original press release on Business Wire

The Elicit Plant website