Vive Crop Protection has announced the closing of growth financing to support commercial expansion in 2017. The financing was led by Radar Capital, a Toronto-based private equity firm, with participation by existing investors, including Dicot Holdings, Middleland Capital, Bioindustrial Innovation Canada and Ontario Capital Growth Corporation.
“We are pleased to close this financing round led by investors who understand the real, critical need for new, improved crop protection products,” said Vive CEO Keith Thomas. “Our flagship product, AZteroid, is the first fungicide designed to mix with starter fertilizer for field crop growers. Third-party trials have shown an average yield increase of 8.8 bushels per acre in corn and 2.1 bushels per acre in soybeans, and growers using the product this year have had great results. This capital will help support commercial expansion next year for AZteroid across key U.S. agricultural states.”
“We are also in discussions with several potential investors to bring in additional financing to support a more aggressive growth plan,” said Vive CFO Ken Yoon. “This would include funding for accelerated field development and additional product launches from our deep pipeline of products.”
“There is a real need for delivery systems that improve conventional pesticides,” said Radar Capital president Mark Lerohl. “Vive’s Allosperse delivery system is truly unique and can help make trusted crop protection products better for growers and better for the environment.”
“We have been an investor in Vive since 2012 and have been impressed with the progress that they’ve made,” said Middleland Capital managing director Scott Horner. “In the past two years, they’ve moved from pre-commercial development to commercial launch, with excellent grower feedback. We’re excited to support their commercial expansion in 2017 and further development of their pipeline.”