Andes Ag, an Emeryville, Calif.-based seed treatment startup, secured nearly $13 million of its $15 million goal in equity funding, Axios has learned.
Why it matters: Investors are still eager to fund biotech startups working with the agricultural sector, and a successful raise about a year after closing $15 million in Series A funding suggests investors like what they’re seeing out of the Andes.
Urgent news: Andes Ag raised $13 million in equity financing from 17 unnamed investors, according to a Form D filing Friday.
- It has about $2 million unsold of its current open $15 million funding round.
- The company raised $15 million in Series A funding led by Leaps by Bayer and Cavallo Ventures on August 11, 2021, valuing the company at $32 million, on PitchBook. Wilson Sonsini Goodrich & Rosati, Venturance Alternative Assets, KdT Ventures, Builders VC, Germin8 Ventures, Food System 6 Accelerator and Accelr8 also participated in that round.
- Andes Ag did not respond to Axios’ request for comment.
What it does: Andes Ag produces biologically engineered microbes that it then uses as a seed treatment to create more resilient crops, according to the company’s website.