Agrisoma closes financing round, appoints new board members

Agrisoma Biosciences Inc. recently announced the first closing of its Series A financing round, expected to total $8 million through 2014. The funding round was led by Cycle Capital Management and included participation of BDC Venture Capital, one of Agrisoma's current equity investors. Agrisoma will use the funding to support its commercialization of Resonance Carinata, a nonfood oilseed that has been certified as sustainable by the Roundtable on Sustainable Biomaterials.

“We are very proud to include an experienced team like Cycle Capital Management as a new partner in our business,” said Steven Fabijanski, president and CEO of Agrisoma. “We welcome their expertise and network. We are also very excited to have one of our current equity partners, BDC Venture Capital, continue their support of the company as we focus on expanding our commercialization to new regions of production.”

Andrée-Lise Méthot, founder and Managing Partner of Cycle Capital has joined Agrisoma’s board of directors. “The experience of Agrisoma team members and the quality of the technological development have convinced Cycle Capital to join this promising project for a greener economy,” she said. According to Agrisoma, Méthot has been recognized as one of the most influential women in sustainable development and in the cleantech sector and a strong track record of investment in the sector.

Agrisoma announced other board appointments as well, including Rick Smith, past president and CEO at Dow AgroSciences Canada Inc., and John Plaza, president, CEO and founder of Imperium Renewables.

“I am excited to welcome our new board members, who bring a depth of experience in financing, clean technologies, agriculture and renewable fuels,” Fabijanski said. “We are looking forward to drawing on their experience as we continue to grow the company.”

Resonance Carinata is under commercial production in the U.S. and Canada and the oil has been used in the production of biodiesel, renewable diesel and biojet fuels.  Resonance Carinata was used to fuel the world's first 100 percent renewable biojet fuel flight that took place in Canada. 

Resonance Carinata meal has recently received regulatory approval as an animal feed, further underscoring the value of this crop to meet the increasing demand for renewable fuel and providing meal for the production of livestock.