Capagro has closed a second funding round worth EUR66 million following the reopening of the subscription period for its French AgTech-focused venture capital vehicle, Capagro Innovation, back in January.
Established in April 2014 with an initial allocation of EUR37.5 million, which rose to EUR58 million following the first subscription period completed in January 2016, Capagro Innovation set itself the objective of doubling in size through a new investor round.
This goal has now been reached as the fund’s allocation has risen to EUR124 million, higher than the initial objective of EUR120 million. The fund has also welcomed some new subscribers – Agromousquetaires, ISAGRI, InVivo and LSDH – alongside its existing partners, some of which made a significant contribution to this final funding round – Groupama, Crédit Agricole and Bpifrance – the latter contributing notably in the context of the French government’s Investments for the Future Programme (PIA), on its own behalf and on behalf of the General Commission for Investment (CGI).
“The success of this operation wholly validates the initial idea which drove creation of our fund,” says Jean-Baptiste Cuisinier, Chairman of Capagro. “The growth of the digital and robotic sciences, advances in biology and biotechnologies, and demands from society regarding agriculture, food and the recycling of biomass, have all converged. The resulting innovations constitute a valuable for France and Europe, on condition that the entrepreneurs can find financial partners capable of supporting them in the long term. That is the commitment of Capagro Innovation.”
