Gimv invests EUR 2 million in VIB spin-off AgroSavfe
Gimv, together with a strong investor consortium, invests EUR 5 million in the start-up of the green biotech company AgroSavfe, a spin-off of the VIB that develops innovative technology for sustainable crop protection. Gimv participates via the Gimv-Agri+ Investment Fund, a joint initiative with the “Boerenbond”, and together with the Gimv-managed Biotech Fonds Vlaanderen for EUR 2 million. VIB, Sofi, PMV, QBIC and some other venture capitalists invest together EUR 3 million.
AgroSavfe will focus on the research and development of innovative formulations of crop protection products by means of the Agrobody technology that was developed in the VIB department of the Free University of Brussels. Crop protection products (e.g. insecticides, fungicides) with AgrobodiesTM as formulation agents (antibody fragments from camel antibodies) can be used at lower dosages or have a longer lasting effect without repeat applications and thereby contribute to improved and more sustainable agricultural production.
AgroSavfe, which will be located in the VIB Bio-incubator in the technology park in Ghent, will employ 9 people under the supervision of CEO Marnix Peferoen (ex-CropDesign, ex Bayer Crop Science and Plant Genetic Systems).
AgroSavfe is the seventh VIB startup (after Ablynx, Actogenix, Cropdesign, Devgen, Pronota and Multiplicom) to receive funding from Gimv.