Elicit Plant, a forward-thinking agri-biotech firm specializing in innovative biosolutions for broadacre crops, has successfully raised €45 million to accelerate its expansion amidst escalating climate challenges faced by farmers worldwide. The funding round was spearheaded by Carbyne Equity Partners and saw participation from established investors including Sofinnova Partners, the European Circular Bioeconomy Fund (ECBF), and Bpifrance Investissement.
The newly acquired capital will primarily be directed towards enhancing the commercial reach of Elicit Plant’s existing products and advancing the development of new agricultural solutions. These efforts are aimed at empowering farmers to effectively navigate the uncertainties brought about by climate change, which increasingly jeopardize crop yields and food security.
In light of the growing threat posed by extreme weather events, Elicit Plant is introducing cutting-edge solutions that harness the beneficial properties of phytosterols to bolster plant health. The company has made significant strides since 2022, establishing its presence in France and penetrating strategic markets like Brazil and Eastern Europe, with a particular focus on essential crops such as corn, sunflowers, cereals, and soybeans. Notably, Elicit Plant has received Marketing Authorization in the United States for its inaugural corn product.
Elicit Plant’s growth strategy is anchored in several key objectives. Firstly, the company aims to accelerate its commercial growth by expanding its market presence in Europe, Brazil, and the United States. In addition, it is focused on forging strategic alliances with major players in the agri-input sector, leveraging partnerships with companies like Bayer, BASF, and Certis Belchim to enhance on-the-ground product adoption. Furthermore, Elicit Plant is committed to driving innovation through substantial investments in research and development, which will enable them to broaden their range of phytosterol-based solutions specifically tailored for crucial crops, all backed by strategic research collaborations.
Jean-François Déchant, CEO of Elicit Plant, articulated the significance of this funding as a testament to the company’s momentum in French, European, and Brazilian markets. He expressed confidence in Elicit Plant’s role in equipping farmers to combat the adverse effects of climate change with proven, effective solutions. Looking ahead, the company aims to consolidate its market presence across three continents and position itself as a frontrunner in the global agri-biotechnology landscape by 2028.
