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IMIO Raises $12 Million to Expand Agricultural Biologicals
IMIO raises $12 million led by Sofinnova Partners and Chipotle's Cultivate Next to expand agricultural biologicals.
Key points
- IMIO raised $12 million to expand its biomanufacturing operations and reach more US farmers.
- The round was led by Sofinnova Partners with participation from Chipotle's Cultivate Next and others.
- The funding will support a new headquarters, laboratory, and biomanufacturing facility in Chicago.
Why it matters. The funding could help IMIO scale its microbial products that aim to improve soil health and reduce fertilizer requirements for US farmers.
IMIO, a Chicago-based agricultural biotechnology company, has raised $12 million in funding to expand its biomanufacturing operations and bring its biological solutions to more farmers across the United States. The round was led by Sofinnova Partners, with participation from Chipotle's Cultivate Next venture fund, Starshot Capital, Grow Together Salinas, Earth Foundry, and Serra Ventures. The investment will support development of IMIO's new headquarters, laboratory, and biomanufacturing facility in Chicago.
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IMIO Raises $12 Million to Expand Agricultural Biologicals
IMIO, a Chicago-based agricultural biotechnology company, announced a $12 million funding round led by Sofinnova Partners with participation from Chipotle Mexican Grill's Cultivate Next venture fund. The company develops microbial products designed to improve soil health and boost crop performance. The capital will be used to expand biomanufacturing operations and broaden distribution of its biological solutions to farmers across the United States. IMIO said the investment reflects growing demand for sustainable agricultural inputs as an alternative to conventional chemical treatments.