Biotech startup Andes Ag raises $13M
Andes Ag, an Emeryville, California-based seed treatment startup, secured just under $13 million of its $15 million target in equity funding, Axios has learned.
Why it matters: Investors remain eager to fund biotech startups working with the agriculture field, and the successful raise about a year after closing $15 million in Series A funding indicates investors like what they're seeing out of Andes Ag.
Driving the news: Andes Ag raised the $13 million in equity financing from 17 unnamed investors, per the Form D filed Friday.
- It has about $2 million unsold of its currently open $15 million funding round.
- The company raised $15 million in Series A funding co-led by Leaps by Bayer and Cavallo Ventures on August 11, 2021, which put the company's pre-money valuation at $32 million, per 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 return Axios' request for comment.
What it does: Andes Ag makes biologically engineered microbes that it then uses as a seed treatment to create more resilient crops, per the company's website.