AgroSustain closes a Series A financing round and gets a EUR 2.4 million grant from EIC Accelerator Horizon 2020 program

01.03.2021 09:00, Guillaume Tinsel

AgroSustain, a Swiss AgTech company, developing organic crop protection solutions for the entire food chain, announces the first closing of its Series A financing round led by Giovanelli Fruchtimport AG, a leading Swiss importer of fruits and vegetables. A Second Closing is expected to take place in Q2, 2021. AgroSustain also received an EU’s EIC accelerator grant of EUR 2.4 Million to further develop its pipeline of biological crop protection solutions.

The company will use the proceeds to prepare the European launch of its biological coating that extends the freshness of fruits and vegetables. In addition, it will accelerate the development of novel and highly effective biological antifungal solutions.

“Based on the very promising results from our joint product trials, we are convinced that we have found the right partner in AgroSustain. Its bio-coating will further increase product quality and make a significant contribution to a reduction of food waste. “– says Raphael Weiss, CEO of Giovanelli Fruchtimport AG.

“We are happy to welcome Giovanelli Fruchtimport AG as our strategic partner. By leveraging their experience in the industry, we will be able to integrate AgroSustain’s biological coating into the food supply chain and to provide optimum crop protection” – says Olga Dubey, CEO of AgroSustain.

We enjoyed this opportunity to take a look back at AgroSustain's development and asked CEO Olga Dubey about her entrepreneurial path and visions.

Olga, how will this new investment help achieve your vision?
AgroSustain is pleased to announce the first closing of its Series A financing round led by our new strategic investor Giovanelli Fruchtimport AG - a leading Swiss importer of fruits and vegetables. In addition, the company was awarded a EUR 2.4 million grant from the European Union’s EIC Accelerator Horizon 2020 program.
The proceeds will support AgroSustain SA to prepare for the commercial launch of its first product - a biological coating.  This entirely biological product will be applied to fruits, vegetables, and cut-flowers –extending their shelf-life and reducing food waste. Also, the proceeds will enable AgroSustain to accelerate the development of its biological fungicide pipeline. 

You won Venture Kick in 2018. How did it help you lay the foundation for your growth and today's achievement?
Winning Venture Kick was one of the first milestones that we reached at the very beginning of our journey. The Kickers' camps and each jury session provided us with essential feedback to better position the company. In addition, we were introduced to potential clients early in our existence. That helped us to develop sustainable solutions to address client's demands.

You also participated in Venture Leaders Technology in 2019 and China in 2020 and were selected on TOP 100 Swiss Startups Awards in 2019 and 2020. How did it leverage your fundraising strategy?
Each of the programs we were participating in and awards that we received increased AgroSustain’s recognition. It helped the company attract new investors interested in highly innovative companies that are already supported by Venturelab and Venture Kick.