A leading Midlands law firm has successfully completed a $1.55 million seed fundraising round on behalf of an innovative soil regeneration company aiming to alleviate global agricultural drought.
Wright Hassall acted on behalf of CroBio to close the seed funding round, led by environmental charity The Grantham Foundation For The Protection Of The Environment, with investment from SOSV, Ponderosa Ventures and Catapult Ventures Group.
CroBio, based in Macclesfield, uses a biotechnology approach to introduce specially-enhanced bacteria to plant roots which produces the sponge-like material cellulose.
A total of 34 per cent of global crop yields are lost each year to drought, and this innovative technology significantly increases soil’s water holding capacity, enhancing plant resilience in drought conditions and improving agricultural sustainability.
It also significantly increases the soil’s ability to store carbon, taking tonnes of CO2 out of the atmosphere and sequestering it underground to help mitigate climate change.
The funding will be used to conduct field trials with key strategic partners and expand the company’s geographical reach.
Wayne Mulhall, CEO of CroBio said: “We are thrilled to have successfully completed our latest fundraising round.
“Agtech promises to be one of the leading movements in addressing the global impact of climate change and achieving worldwide food security, and we are immensely proud to be part of the broader community dedicated to advancing biological products for this critical mission.
“This funding will empower us to expand and innovate, delivering even greater value to investors and customers for the greater good of our planet.
“Starting a seed funding round can be tough, but thanks the team at Wright Hassall, the process sailed through smoothly.
“The team really know their stuff, giving us clear advice, paying close attention to all the complexities whilst managing various cross-border elements and ensuring that overall, the outcome of the round aligned with our goals.”
Mallory Coxe and Robert Lee both Partners in the Corporate Team at Wright Hassall, acted on behalf of CroBio to complete the seed fundraising round.
Mallory added: “It was a pleasure to lead on this seed fundraising round on behalf of such an innovative client looking to make a real difference to food security and tackling climate change.
“It very quickly attracted four investors, three of which are US based where agricultural drought is a significant issue.
“We look forward to partnering with the company going forward and supporting the team as they progress on their journey.”
