Next gen impact investor Blue Horizon has announced an investment in Tropic Biosciences, a developer of high-performance varieties of tropical crops such as bananas, coffee, and rice. Leading a $35 million round for the company, Blue Horizon is backing Tropic Biosciences to be an agricultural-biotechnology leader at the forefront of a $400 billion market.
“Tropic Biosciences and the solutions it provides to millions of people around the globe is a perfect example of the kind of companies we want to be involved in”
Tropic Biosciences is focused on a portfolio of popular but problematic crops: bananas, coffee, and rice. Coffee is the most consumed beverage globally after water, while banana is the most consumed fruit in the world. Rice accounts for roughly 25% of global calorie consumption, therefore Tropic claims the combined total market that it addresses could be valued at $400 billion.
With climate change reducing farming yields and contributing to the outbreak of agricultural diseases, Tropic highlights how surges in food prices lead to critical food security issues globally, hitting developing nations hardest. Tropic claims its crop products promote grower wellbeing, consumer health, and sustainable environmental practices by using cutting-edge gene editing technologies, such as its proprietary GEiGS platform.
Gilad Gershon, CEO of Tropic Biosciences, stated: “The new investment will allow us to accelerate and expand our efforts to bring our novel products to market and address critical challenges faced by growers. We are delighted to have Blue Horizon as a leading impact investor, as well as other outstanding new investors, join our journey and support us in evolving agriculture to sustain people and planet.”
Björn Witte, CEO of Blue Horizon, added: “At Blue Horizon we are all about creating impact at scale. Tropic Biosciences and the solutions it provides to millions of people around the globe is a perfect example of the kind of companies we want to be involved in. Tropic will have a massively positive impact in an area that may not make the front pages of our newspapers every day, but that doesn’t mean it’s any less important, quite the contrary.”