SOLASTA Bio, an agri-biotech company specialising in the next generation of green insecticides, has completed an oversubscribed $14m Series A funding round to accelerate the development of its peptide-based, nature-inspired bioinsecticides – the first of their kind to be developed worldwide.
Series A funding follows a 2023 trials season in which SOLASTA Bio’s insect control agents demonstrated efficacy on par or better than commercial standards across more than 20 field trials on multiple crops in Europe, the UK and US.
Established in 2021, Glasgow-based SOLASTA Bio has developed the world’s first technology platform for creating insect control agents that are nature-inspired rather than selected from a synthetic chemistry library. As well as meeting the efficacy standards of current chemicals on the market, these agents address a growing global need for effective crop protection by selectively targeting insect pests while protecting beneficial pollinators such as bees. SOLASTA Bio’s platform can be mobilised for any pest of interest, across both crop and non-crop applications such as stored grain.
With the investment round secured, SOLASTA Bio will continue to advance its technology platform and pipeline of insect control agents, targeting a $27bn annual market opportunity. In parallel, the business will continue to build its US operations, having already established a base in North Carolina, expand its real-world field trials across key geographies, scale-up its biomanufacturing capabilities and further develop strategic opportunities including applications beyond crop use.
The company is targeting market entry in 2027.
With the urgent need to protect pollinators and wildlife, while boosting agricultural productivity, SOLASTA Bio aims to play a role in the transition toward sustainable crop protection. The global insecticides market is currently dominated by synthetic chemicals accounting for 94% of insect control solutions. While 75% of food crops are dependent on pollinator insects, other insects cause enormous social, health and economic damage accounting for at least $70bn in US crop losses alone. However, the insecticides market is under increasing pressure from widespread insect resistance, lack of species specificity, increasing regulatory controls and consumer preferences for non-chemical residues.
Davies said: “SOLASTA Bio has come a long way since we set out on this journey three years ago. Having established operations in the UK and US, we’ve now got an international team with outstanding competencies in technology and agribusiness and, importantly, we have developed our unique technology platform to address grower pain points. The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides. With Series A now secured, it’s time for SOLASTA Bio to kick on to the next level and successfully hit our targets for commercialisation.”
The investment round was led by Forbion via its BioEconomy fund strategy, with co-lead investment from agricultural strategics FMC Ventures (FMC Corporation) and Corteva Catalyst (Corteva, Inc.). Participation from existing investors included Cavallo Ventures (Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and University of Glasgow, bringing the total raised to date to $19m. Joy Faucher from Forbion will join the company’s board of directors.
Faucher said: “As traditional insect control agents struggle with resistance and impact to biodiversity, SOLASTA is poised to revolutionise the crop protection market at a critical time, with a cost-effective, sustainable and high-efficacy alternative that can be adopted seamlessly by farmers. The team’s deep expertise in insect neuropeptide modalities, their differentiated tech platform and proven real-world data provide a unique position to launch a series of first-in-class products that can redefine the agriculture industry.”
Jim Cornall is editor of Future Food Today and publisher at Ayr Coastal Media. He is an award-winning writer, editor, photographer, broadcaster, designer and author. Contact Jim here.
