Agribusinesses Bayer and DuPont Pioneer have backed a $15 million investment vehicle for early stage agtech with a group of venture capital firms led by Finistere Ventures.
The Radicle fund will provide seed money and consulting services to genomics, seed tech, biological inputs, data and analytics companies.
The fund already has $6 million in commitments.
“By providing a seed funding round and comprehensive diligence, Radicle offers a unique platform to help entrepreneurs build a Series A finance-ready company faster, with less capital,” said Finistere Ventures partner Arama Kukutai.
Radicle will serve as an early stage compliment to the joint venture set up by Finistere and International Farming Corporation (IFC) in April, Willow Hill, which is aimed at linking growth-stage agtech companies and IFC’s farmland portfolio.
The accelerator boasts a physical presence in Israel and the US East and West Coasts and Midwest, and partnerships with public and private research institutions, representatives from the fund said.
Bayer and Syngenta Ventures also participated in an $11.5 million raise agtech and biotech incubator AgTech Accelerator in May. The investment platform aims to commercialise agricultural technology research from US universities.
This week, Rabobank announced the launch of a food and agtech accelerator called Terra.
Finistere Ventures is a California-based fund management firm focusing on agricultural innovation and life science investments. In February 2015, the firm held a $150 million first close on its second venture vehicle which is targeting $200 million, according to PEI Research & Analytics. The fund is expected to reach a final close as soon as this month, Agri Investor has reported.