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EMERGINGTECHRESEARCH

BiologicalsBringNatureBacktoAgriculture

Sustainablealternativestosyntheticagriculturalinputs

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,Institutional

ResearchandEditorial

PaulCondraHeadofEmerging

TechnologyResearch

InstitutionalResearchGroup

Analysis

AlexFrederick

SeniorAnalyst,Emerging

Technology

alex.frederick@

Data

Overview

TJMei

DataAnalyst

Theagriculturalindustryisundergoingatransformativeshifttowardsustainableandenvironmentallyfriendlyfarmingpractices.Oneofthekeyfacilitatorsof

pbinstitutionalresearch@

thischangeistheadoptionofagriculturalbiologicals—acategoryofproducts

Publishing

DesignedbyJoeySchaffer

PublishedonJanuary19,2024

derivedfromnaturalsourcesthatenhancecropproductivity,optimizesoilhealth,andreducetherelianceontraditionalchemicalinputs.Despiteanoveralltepid

macroeconomicenvironmentandapullbackinVCactivity,demandforbiologicalshasremainedrobust.Weestimatethisindustrywillgeneratecloseto$15billioninrevenuein2023,withatotalVCinvestmentofnearly$1billion.

Agriculturalbiologicalsencompassadiverserangeofproducts,including

Contents

Overview

1

Keycategoriesofagriculturalbiologicals1

Benefitsandchallenges

3

Market

4

Macrodrivers

5

VCactivity

7

Exits

8

biopesticides,biofertilizers,andbiostimulants,amongothers.Unlikeconventionalchemicalagriculturalinputs,biologicalsleveragethepoweroflivingorganisms

suchasbacteria,fungi,andplantextractstopromoteplantgrowthandprotect

cropsfrompestsanddiseases.Thiscategoryhasexperiencedrapidgrowthinnewcompanyformationandventurefunding.Despitemarketvolatilityaffectingfundinginotherindustries,strongindustrydrivershavekeptVCfundingforbiologicals

robust.Thisreportprovidesacomprehensiveoverviewofagriculturalbiologicals,examiningtheirbenefits,challenges,ventureactivity,androleinshapingthefutureofsustainableagriculture.

Keycategoriesofagriculturalbiologicals

Biofertilizers:Theseproductscontainbeneficialmicroorganisms(suchasbacteria,fungi,oralgae)ortheirbyproductsthatenhancenutrientavailabilitytoplants,

promotinghealthierrootsystemsandincreasednutrientuptake.Theyworkby

establishingsymbioticorassociativerelationshipswithplants.Forexample,

nitrogen-fixingbacteriainbiofertilizersconvertatmosphericnitrogenintoforms

thatplantscanuse,promotingsoilfertility.Biofertilizerscontributetoimprovedsoilfertilityandlong-termsustainability.KeyVC-backedprovidersincludePivotBio,

Loam,KulaBio,andNutritionTechnologies.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

Biostimulants:Comprisingsubstancessuchasseaweedextractsandhumicacids,1biostimulantsstimulatenaturalprocessestoenhanceplantgrowth,development,andresiliencetostressfactors.Theyactascatalystsforphysiologicalprocesses,resultinginincreasedcropyieldsandquality.Unlikebiofertilizers,biostimulants

maynotcontainlivemicroorganisms.Instead,theyoftenconsistofcompounds

suchasaminoacids,seaweedextracts,humicsubstances,andotherorganic

materialsthatactivatephysiologicalprocessesinplants.KeyVC-backedprovidersincludeIndigo,Sound,Aphea.Bio,andNewLeafSymbiotics.

Inoculants:Inoculants,specificallymicrobialinoculants,areproductsthatcontainbeneficialmicroorganisms,suchasbacteria,fungi,orothermicrobes,andare

appliedtosoilorplantsurfacestoestablishsymbioticorbeneficialrelationshipsthatenhanceplantgrowth,nutrientavailability,andoverallcropproductivity.Themicroorganismsininoculantsinteractwithplantsinwaysthatenhancenutrientavailability,protectagainstpathogens,orpromoteoverallplanthealth.Examplesincludenitrogen-fixingbacteria,mycorrhizalfungi,andplant-growth-promotingbacteria.KeyVC-backedprovidersincludeGroundworkBioAg,AlgaEnergy,

andFicosterra.

Biopesticides:Thesearenaturallyoccurringsubstances,suchasmicrobes

orplantextracts,thatcontrolpestsanddiseases.Biopesticidescaninclude

microbialpesticides(forexample,bacteriaandfungi),plant-basedpesticides,andbiochemicalpesticides(pheromones,forexample).Unlikechemicalpesticides,

biopesticidesoffertargetedsolutionswithminimalimpactonnontargetorganismsandtheenvironment.KeyVC-backedprovidersincludeAgBiome,Vestaron,Enko,andInvaio.

Macrobials:Macrobialsgenerallyrefertolargeorganismsusedinagriculturefor

pestcontrol.Thiscategoryincludesmacroscopicorganismssuchasinsects,mites,nematodes,andpredatoryorparasiticorganisms.Macrobialsareemployedas

biologicalcontrolagentstomanagepests.Forexample,predatoryinsectssuchasladybugsorparasiticnematodesmaybeintroducedtocontrolpestpopulationsinatargetedandenvironmentallyfriendlymanner.Otherexamplesincludeladybugsforaphidcontrol,predatorymitesforspidermitecontrol,andentomopathogenicnematodesforcontrollingsoil-dwellingpests.KeyVC-backedprovidersinclude

Ubees,Beeflow,andBigSis.

Semiochemicals:Semiochemicalsarechemicalsubstancesthatconveyinformationbetweenorganisms.Inagriculture,theyareoftensignalingchemicalsusedfor

communicationbetweenplants,insects,andotherorganisms.Semiochemicalscanactasattractants,repellents,ordisruptantsinthebehaviorofpestsorbeneficial

organisms.Theyplayaroleinchemicalcommunicationwithinecosystems.

Examplesincludepheromonesreleasedbyinsectstoattractmates,plantvolatilesthatattractpollinators,andrepellentsusedtodeterpests.KeyVC-backedprovidersincludeProvivi,PherobioTechnologies,andAgroSustain.

1:Humicacidisanorganicmoleculethatimprovessoilstructure,waterretention,andnutrientuptakebyplants.Itisderivedfromcoal,lignite,soils,andotherorganicmaterials.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

AgriculturalbiologicalsVCdealvalue($M)bysegment

$800

$600

$400

$200

$0

20192020202120222023*

BiostimulantsInoculantsBiofertilizersBiopesticidesMacrobialsSemiochemicals

Source:PitchBook•Geography:Global•*AsofDecember22,2023

AgriculturalbiologicalsVCdealcountbysegment

30

25

20

15

10

5

0

20192020202120222023*

BiostimulantsInoculantsBiofertilizersBiopesticidesMacrobialsSemiochemicals

Source:PitchBook•Geography:Global•*AsofDecember22,2023

Benefitsandchallenges

Agriculturalbiologicalscontributetoenvironmentalsustainabilitybyreducingchemicalresidues,promotingsoilandwaterconservation,andfosteringoverallecosystemhealth.Biofertilizersenhancesoilhealthbyencouragingbeneficialmicroorganisms,improvingnutrientcycling,andincreasingorganicmatter

content.Adoptingbiopesticidesandbiofertilizersreducesrelianceonsyntheticchemicals,supportsintegratedpestmanagement,andalignswithsustainableagricultureprinciples.

Biostimulantsplayacrucialroleinplantgrowthpromotion,optimizingphysiologicalprocessesaswellasenhancingcropyieldsandquality.Biopesticidesalsocontributetoresistancemanagementbyofferingadifferentmodeofactioncomparedto

conventionalchemicalpesticides.Theintroductionofagriculturalbiologicals

supportsmicrobialdiversityinthesoil,contributingtoahealthyandbalancedsoilmicrobiome.Moreover,thecompatibilityofmanybiologicalswithorganicfarmingpracticesmakesthemvaluabletoolsfororganicfarmers.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

However,thesebenefitsareaccompaniedbyseveralchallenges.Theefficacy

ofagriculturalbiologicalscanvary,influencedbyfactorssuchasenvironmentalconditions,applicationmethods,andcompatibilitywithotherinputs.Some

biologicalsmayhavelimitedpersistenceintheenvironment,necessitatingmorefrequentapplicationscomparedtotheirsyntheticcounterparts.Thedevelopmentandcommercializationofagriculturalbiologicalsinvolveresearch&developmentcosts,posingfinancialchallengesforstartupsandcompanies.A2021pulsepolloffarmersindicatedthat21%ofrespondentsknewnothingaboutbiologicals,andanother41%neededtolearnmoreaboutthembeforeusingthemontheirfarms.2Awarenessandeducationamongfarmersaboutthebenefitsandproperuseof

thesebiologicalsarecrucialfortheirsuccessfuladoption.

Storageandshelf-lifeconsiderationscanpresentlogisticalchallenges,especially

formicrobialinoculantswithspecificrequirements.Regulatoryapprovalprocessesforagriculturalbiologicalsarecomplexandtime-consuming,posinghurdlesfor

marketentry.Challengesrelatedtoresistanceandadaptationofpestsanddiseasestobiopesticidesrequireongoingresearchefforts.Achievingmarketacceptance

andwidespreadadoptionofagriculturalbiologicalsmaynecessitateovercomingskepticismandtraditionalfarmingpractices.Addressingthesechallengesinvolvescollaborativeeffortsamongresearchers,industrystakeholders,andregulatory

bodies,withadvancementsintechnologyandbetterunderstandingofmicrobialinteractionsexpectedtoenhancethebenefitsofagriculturalbiologicalsovertime.

Market

Theglobalagriculturalbiologicalsmarketisexpectedtogenerate$14.6billion

in2023,growingto$27.9billionby2028,representinga13.8%CAGR,3excluding

anystructuralmarketdisruptions.Environmentalconcerns,mountinginterestin

improvingsoilandoverallfarmhealth,technologicalinnovations,andapursuit

ofsustainableyieldimprovementenablethisgrowth.Geopoliticalconflicts,such

astheongoingwarinUkraine,cancausesupplychaindisruptionsandresultin

resourcescarcity.Thisscarcitycanaffecttheaccessibilityandaffordabilityof

conventionalagriculturalinputssuchassyntheticfertilizer.Asaresult,theadoptionofnovelalternativessuchasbiofertilizersmaybeaccelerated.

However,thegrowingdemandforagriculturalbiologicalsisnotexpectedto

cannibalizedemandforconventionalinputs.Infact,demandforconventionalinputsisexpectedtooutpacebiologicalsfortheforeseeablefuture.Duetothechallengesofadoptingbiologicals,expertsnowlargelyviewthemlessasareplacementfor

chemicalsinputsandmoreasanewtoolinatoolboxofsolutions.Theconsensusamongexpertsatthe2023SalinasBiologicalSummit—thelargestconferenceonagriculturalbiologicals—pointedtotheneedforan“integratedapproach”usingvariouschemicalandbiologicalproductsintandemtoboostormaintainyieldswhileimprovingfarmhealth.4

Thecropprotectionmarketisdominatedbythe“bigfour”agrochemicalcompanies:Bayer,BASF,Corteva,andChem-China.Thesecompanieshavegainedexposureto

2:“FarmersWantProofofConceptBeforeTryingBiologicals,”Agweb,SonjaBegemann,January11,2021.

3:“AgriculturalBiologicalsMarket,”MarketsandMarkets,July2023.

4:“BiologicalsWon’tReplaceChemicalCropInputsAnytimeSoon:Here’sWhy,”AgfunderNews,JenniferMarston,June27,2023.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

biologicalsthroughacquisitionsandin-housedevelopment.Someofthelargest

acquisitionsincludeChemChina’sacquisitionofSyngenta,Corteva’sacquisitionofStollerGroupandSymborgCorporate,andBASF’sacquisitionofMicroFloCompany.Thesecompaniesalsogainexposurethroughcorporateventureactivity.Some

ofthemostwell-fundedbiologicalstartupswithcorporateventurecapital(CVC)fundingincludePivotBio,AgBiome,andProvivi.

Whilethebigfourcontinuetodominate,VC-backedstartupshaveraisedsignificantcapitalandintroducednewproductstomarket.Indigohaslaunchedaportfolio

ofbiostimulantsforcorn,soy,wheat,andcottonproducts.PivotBiohasitsown

portfolioofcorn,wheat,andsorghumbiofertilizers,andAgbiomerecentlylaunchedtwobiofungicideproducts.

Themajorityofbiologicalcompanies—64outofourlistof764—arebasedintheUS,followedbyCanada(37),Spain(36)andIndia(35).Asaregion,Europehasproduced169startups,whileAsiahasproduced60.

Macrodrivers

Theadoptionofagriculturalbiologicalsisinfluencedbymacroeconomicdriversthatreflectbroadereconomictrendsandprioritieswithintheagriculturesector.Somekeymacroeconomicdriversinfluencingtheadoptionofagricultural

biologicalsinclude:

•Sustainabilityandenvironmentalconcerns:

-Increasingawarenessofenvironmentalsustainabilityandadesiretoreducetheecologicalfootprintofagriculturearedrivingincreasedinterestin

biologicals.Agriculturalproducersrespondtomarketsignals,recognizingtheimportanceofaligningtheirpracticeswithconsumerpreferencesforenvironmentallyfriendlyandresponsiblysourcedgoods.

-Sustainablepractices,includingtheuseofbiologicals,alignwithconsumer

preferencesandregulatoryinitiativesfocusedonenvironmentalconservation.

-Soilcarbonprojectsandcarboncreditsincentivizeagriculturalproducerstoadoptbiologicalsandothersustainablepractices.

•Globalpopulationgrowth:

-Thegrowingglobalpopulation,expectedtoreach9.7billionby2050,5necessitatesincreasedfoodproduction,promptingtheadoptionof

technologiesthatenhancecropyieldandquality.

-Agriculturalbiologicalscontributetosustainableintensification—an

agriculturalapproachthatincreasesfoodproductionwhileminimizing

environmentalimpact.Forexample,usingbiologicalmethodstoimprovesoilhealthandfertilitycanimprovecrophealthandyields.

5:“Population,”UnitedNations,n.d.,accessedDecember21,2023.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

•Governmentsupportandregulations:

-Supportiveregulatoryframeworksthatencouragesustainableagriculturalpractices,includingtheuseofbiologicals,playacrucialroleinadoption.

-Governmentspromotingreducedrelianceonsyntheticchemicalsand

endorsingeco-friendlyalternativescreateanenvironmentconducivetotheadoptionofagriculturalbiologicals.TheUSDepartmentofAgriculture’s

NaturalResourcesConservationServiceoffersconservationprogramsthateducateandencouragetheadoptionofbiologicals.

-Governmentpolicies,subsidies,andincentivesthatpromotesustainable

agricultureandtheadoptionofbiologicalsencouragefarmerstoincorporatethesepractices.

•Technologicaladvancements:

-Advancesinbiotechnology,microbiology,andprecisionagriculture

contributetothedevelopmentofmoreeffectiveandtargetedagriculturalbiologicalproducts.

•Climatechangeresilience:

-Concernsabouttheimpactofclimatechangeonagriculturedrivetheadoptionofpracticesthatenhanceresilience.

-Agriculturalbiologicals,whichcancontributetoimprovedsoilhealth

andplantstresstolerance,areseenastoolsforbuildingclimate-resilientfarmingsystems.

•Economicviability:

-Theeconomicfeasibilityofadoptingagriculturalbiologicals,considering

factorssuchasinputcosts,yieldimprovements,andoverallfarmprofitability,influencesadoptiondecisions.

-Farmersevaluatethereturnoninvestmentandcost-effectivenessofincorporatingbiologicalsintotheirfarmingpractices.

•Geopoliticaleventsanddisruptionsinsupplychains

-Geopoliticaleventsandconflictscandisrupttraditionalsupplychains

foragriculturalinputs,includingsyntheticfertilizers.Thisdisruptionmaypromptfarmerstoexplorealternativeandlocallyavailableinputs,suchasbiofertilizers.

Thesemacroeconomicdriverscollectivelyinfluencethedecision-makingprocessforfarmersandagriculturalstakeholders,shapingtheadoptionlandscapefor

agriculturalbiologicalswithinthebroadercontextofglobalagriculture.

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$983.5

PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

VCactivity

Theagriculturalbiologicalssectorhasgainedinvestorattentionduetotheincreasingdemandforsustainableandenvironmentallyfriendlyagriculturalpractices.2023

YTDdealvaluesexceededthetotaldealvaluesfor2022,buckingthecurrenttrendofVCslowdown.Welogged$983.5millioninvestedacross49dealsin2023,withdealvaluesup30.6%versusthe2022annualtotal.

AgriculturalbiologicalsVCdealactivity

71

$72.7

17

$141.3

29

$183.4

27

$398.0

$605.4

40

33

$676.9

37

$740.5

47

$1,514.4

64

$1,633.0

$753.3

55

49

20132014201520162017201820192020202120222023*

Dealvalue($M)Dealcount

Source:PitchBook•Geography:Global•*AsofDecember22,2023

Thebiostimulantcategoryattractedthemostventurecapital,with$497.7million

investedacross16dealsin2023.Thelargestbiostimulantdealof2023wasa$250.0millionlate-stageinvestmentinscale-upIndigo.AlthoughIndigo’sfirstproductwasabiostimulant,ithassinceexpandedtonewproductsandservices,includingan

integratedcarboncreditandcarbonfarmingprogramandadigitalsustainability

program.Thesecond-largestdealwasa$77.8millionlate-stageroundattributedtoElementalEnzymes,acropnutrientdeveloperthatproducesvariousplantnutrientproductsusingnaturallyoccurringenzymesandbiochemistries.

Laggingcategoriesincludeinoculantsandsemiochemicals.Whileproductsinthesecategoriesbenefitsoilandplanthealth,lackofawarenessandeducationamong

farmersandthelearningcurvestohandleandstoretheseproductshavechallengedadoption.Scale-upLoamBioisakeyproviderofinoculantsandhasraised$109.7

million.Itprovidesamicrobialsoilinoculantproducttoimprovesoilhealthaswellassoilcarbonprojectsthatcompensatefarmersforthecarbonsequestrationbenefitsofitsproducts.

Valuationsincreasedforthreestraightyearsthrough2022asenthusiasmfor

thespacegrew.However,marketvolatilityandachallengingexitenvironment

reversedthetrendacrossallventurestagesin2023,withoverallmedianpre-

moneyvaluationsdown44.5%to$16.0millionYoY.Themostsignificantdeclineinvaluationsisattheventure-growthstage,wherealackoffundingopportunitiesandexitoptionshavecompressedvaluationsby85.1%to$44.6millionYoY.

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PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture

Mediandealsizespaintaverydifferentpicture,withoveralldealsizesup71.8%

to$10.0millionYoY.Dealsizesincreasedateverystage,barringpre-seed&seed,

whichdeclined70.6%to$1.0millionYoY.Weattributethegrowthindealsizesto

VCstakingamoreconservativeapproachbywritingfewerbutlargerchecks,withafocusonportfoliocompaniesornewcompanieswiththegreatestchanceofsuccess.

KeyVC-backedagriculturalbiologicalscompanies*

Company

HQlocation

Category

Mostrecentfinancing

VC($M)raisedtodate

Mostrecentpost-

moneyvaluation($M)

Mostrecentdealtype

PivotBio

Berkeley,US

Biofertilizers

October13,2023

$622.0

$1,700.0

Late-stageVC

Ynsect

Évry,France

Biofertilizers

December11,2023

$583.4

$747.5

SeriesD

AgBiome

Durham,US

Biopesticides

November14,2023

$236.2

N/A

SeriesD

Vestaron

Durham,US

Biopesticides

March30,2023

$199.3

$362.0

SeriesC

Provivi

SantaMonica,US

Semiochemicals

June12,2023

$192.2

$420.0

SeriesC2

SemiosBioTechnologies

Vancouver,Canada

Semiochemicals

September4,2023

$180.5

$789.6

Late-stageVC

SoundAgriculture

Emeryville,US

Biostimulants

December14,2023

$170.4

$375.0

SeriesD

Enko

Mystic,US

Biopesticides

August24,2023

$151.0

$330.0

SeriesC

Invaio

Cambridge,US

B