- 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."
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