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PitchBook Data, Inc.

John Gabbert Founder, CEO

Nizar Tarhuni Vice President, Institutional

Research and Editorial

Paul Condra Head of Emerging

Technology Research

Institutional Research Group

Analysis

Publishing

Contents

Data

TJ Mei

Data Analyst

pbinstitutionalresearch@pitchbook.com

Published on January 19, 2024

Overview 1

Key categories of agricultural biologicals 1

Benefits and challenges 3

Market 4

Macro drivers 5

VC activity 7

Exits 8

EMERGING TECH RESEARCH

Biologicals Bring Nature Back

toAgriculture

Sustainable alternatives to synthetic agricultural inputs

PitchBook is a Morningstar company providing the most comprehensive, most

accurate, and hard-to-find data for professionals doing business in the private markets.

Alex Frederick

Senior Analyst, Emerging

Technology

alex.frederick@pitchbook.com

Overview

The agricultural industry is undergoing a transformative shift toward sustainable

and environmentally friendly farming practices. One of the key facilitators of

this change is the adoption of agricultural biologicals—a category of products

derived from natural sources that enhance crop productivity, optimize soil health,

and reduce the reliance on traditional chemical inputs. Despite an overall tepid

macroeconomic environment and a pullback in VC activity, demand for biologicals

has remained robust. We estimate this industry will generate close to $15 billion in

revenue in 2023, with a total VC investment of nearly $1 billion.

Agricultural biologicals encompass a diverse range of products, including

biopesticides, biofertilizers, and biostimulants, among others. Unlike conventional

chemical agricultural inputs, biologicals leverage the power of living organisms

such as bacteria, fungi, and plant extracts to promote plant growth and protect

crops from pests and diseases. This category has experienced rapid growth in new

company formation and venture funding. Despite market volatility affecting funding

in other industries, strong industry drivers have kept VC funding for biologicals

robust. This report provides a comprehensive overview of agricultural biologicals,

examining their benefits, challenges, venture activity, and role in shaping the future

of sustainable agriculture.

Key categories of agricultural biologicals

Biofertilizers: These products contain beneficial microorganisms (such as bacteria,

fungi, or algae) or their byproducts that enhance nutrient availability to plants,

promoting healthier root systems and increased nutrient uptake. They work by

establishing symbiotic or associative relationships with plants. For example,

nitrogen-fixing bacteria in biofertilizers convert atmospheric nitrogen into forms

that plants can use, promoting soil fertility. Biofertilizers contribute to improved soil

fertility and long-term sustainability. Key VC-backed providers include Pivot Bio,

Loam, Kula Bio, and Nutrition Technologies.

PitchBook Analyst Note: Biologicals Bring Nature Back toAgriculture

1: Humic acid is an organic molecule that improves soil structure, water retention, and nutrient uptake by plants. It is derived from coal, lignite, soils,

and other organic materials.

Biostimulants: Comprising substances such as seaweed extracts and humic acids,1

biostimulants stimulate natural processes to enhance plant growth, development,

and resilience to stress factors. They act as catalysts for physiological processes,

resulting in increased crop yields and quality. Unlike biofertilizers, biostimulants

may not contain live microorganisms. Instead, they often consist of compounds

such as amino acids, seaweed extracts, humic substances, and other organic

materials that activate physiological processes in plants. Key VC-backed providers

include Indigo, Sound, Aphea.Bio, and NewLeaf Symbiotics.

Inoculants: Inoculants, specifically microbial inoculants, are products that contain

beneficial microorganisms, such as bacteria, fungi, or other microbes, and are

applied to soil or plant surfaces to establish symbiotic or beneficial relationships

that enhance plant growth, nutrient availability, and overall crop productivity. The

microorganisms in inoculants interact with plants in ways that enhance nutrient

availability, protect against pathogens, or promote overall plant health. Examples

include nitrogen-fixing bacteria, mycorrhizal fungi, and plant-growth-promoting

bacteria. Key VC-backed providers include Groundwork BioAg, AlgaEnergy,

andFicosterra.

Biopesticides: These are naturally occurring substances, such as microbes

or plant extracts, that control pests and diseases. Biopesticides can include

microbial pesticides (for example, bacteria and fungi), plant-based pesticides, and

biochemical pesticides (pheromones, for example). Unlike chemical pesticides,

biopesticides offer targeted solutions with minimal impact on nontarget organisms

and the environment. Key VC-backed providers include AgBiome, Vestaron, Enko,

and Invaio.

Macrobials: Macrobials generally refer to large organisms used in agriculture for

pest control. This category includes macroscopic organisms such as insects, mites,

nematodes, and predatory or parasitic organisms. Macrobials are employed as

biological control agents to manage pests. For example, predatory insects such as

ladybugs or parasitic nematodes may be introduced to control pest populations in

a targeted and environmentally friendly manner. Other examples include ladybugs

for aphid control, predatory mites for spider mite control, and entomopathogenic

nematodes for controlling soil-dwelling pests. Key VC-backed providers include

Ubees, Beeflow, and BigSis.

Semiochemicals: Semiochemicals are chemical substances that convey information

between organisms. In agriculture, they are often signaling chemicals used for

communication between plants, insects, and other organisms. Semiochemicals can

act as attractants, repellents, or disruptants in the behavior of pests or beneficial

organisms. They play a role in chemical communication within ecosystems.

Examples include pheromones released by insects to attract mates, plant volatiles

that attract pollinators, and repellents used to deter pests. Key VC-backed providers

include Provivi, Pherobio Technologies, and AgroSustain.

PitchBook Analyst Note: Biologicals Bring Nature Back toAgriculture

Agricultural biologicals VC deal value ($M) by segment

$200

$400

$600

$800

2019 2020 2021 2022 2023*

Biostimulants Inoculants Biofertilizers Biopesticides Macrobials Semiochemicals

Source: PitchBook • Geography: Global • *As of December 22, 2023

Agricultural biologicals VC deal count by segment

2019 2020 2021 2022 2023*

Biostimulants Inoculants Biofertilizers Biopesticides Macrobials Semiochemicals

Source: PitchBook • Geography: Global • *As of December 22, 2023

Benefits and challenges

Agricultural biologicals contribute to environmental sustainability by reducing

chemical residues, promoting soil and water conservation, and fostering overall

ecosystem health. Biofertilizers enhance soil health by encouraging beneficial

microorganisms, improving nutrient cycling, and increasing organic matter

content. Adopting biopesticides and biofertilizers reduces reliance on synthetic

chemicals, supports integrated pest management, and aligns with sustainable

agricultureprinciples.

Biostimulants play a crucial role in plant growth promotion, optimizing physiological

processes as well as enhancing crop yields and quality. Biopesticides also contribute

to resistance management by offering a different mode of action compared to

conventional chemical pesticides. The introduction of agricultural biologicals

supports microbial diversity in the soil, contributing to a healthy and balanced soil

microbiome. Moreover, the compatibility of many biologicals with organic farming

practices makes them valuable tools for organic farmers.

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PitchBookData,Inc.EMERGINGTECHRESEARCHJohnGabbertFounder,CEOBiologicalsBringNatureBacktoAgricultureNizarTarhuniVicePresident,InstitutionalResearchandEditorialSustainablealternativestosyntheticagriculturalinputsPaulCondraHeadofEmergingPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostTechnologyResearchaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.InstitutionalResearchGroupOverviewAnalysisTheagriculturalindustryisundergoingatransformativeshifttowardsustainableandenvironmentallyfriendlyfarmingpractices.OneofthekeyfacilitatorsofAlexFrederickthischangeistheadoptionofagriculturalbiologicals—acategoryofproductsSeniorAnalyst,Emergingderivedfromnaturalsourcesthatenhancecropproductivity,optimizesoilhealth,Technologyandreducetherelianceontraditionalchemicalinputs.Despiteanoveralltepidalex.frederick@pitchbook.commacroeconomicenvironmentandapullbackinVCactivity,demandforbiologicalshasremainedrobust.Weestimatethisindustrywillgeneratecloseto$15billioninDatarevenuein2023,withatotalVCinvestmentofnearly$1billion.TJMeiDataAnalystAgriculturalbiologicalsencompassadiverserangeofproducts,includingbiopesticides,biofertilizers,andbiostimulants,amongothers.Unlikeconventionalpbinstitutionalresearch@pitchbook.comchemicalagriculturalinputs,biologicalsleveragethepoweroflivingorganismssuchasbacteria,fungi,andplantextractstopromoteplantgrowthandprotectPublishingcropsfrompestsanddiseases.Thiscategoryhasexperiencedrapidgrowthinnewcompanyformationandventurefunding.DespitemarketvolatilityaffectingfundingDesignedbyJoeySchafferinotherindustries,strongindustrydrivershavekeptVCfundingforbiologicalsrobust.Thisreportprovidesacomprehensiveoverviewofagriculturalbiologicals,PublishedonJanuary19,2024examiningtheirbenefits,challenges,ventureactivity,androleinshapingthefutureofsustainableagriculture.ContentsKeycategoriesofagriculturalbiologicalsOverview1Biofertilizers:Theseproductscontainbeneficialmicroorganisms(suchasbacteria,Keycategoriesofagriculturalbiologicals1fungi,oralgae)ortheirbyproductsthatenhancenutrientavailabilitytoplants,promotinghealthierrootsystemsandincreasednutrientuptake.TheyworkbyBenefitsandchallenges3establishingsymbioticorassociativerelationshipswithplants.Forexample,nitrogen-fixingbacteriainbiofertilizersconvertatmosphericnitrogenintoformsMarket4thatplantscanuse,promotingsoilfertility.Biofertilizerscontributetoimprovedsoilfertilityandlong-termsustainability.KeyVC-backedprovidersincludePivotBio,Macrodrivers5Loam,KulaBio,andNutritionTechnologies.VCactivity7Exits81PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureBiostimulants:Comprisingsubstancessuchasseaweedextractsandhumicacids,1biostimulantsstimulatenaturalprocessestoenhanceplantgrowth,development,andresiliencetostressfactors.Theyactascatalystsforphysiologicalprocesses,resultinginincreasedcropyieldsandquality.Unlikebiofertilizers,biostimulantsmaynotcontainlivemicroorganisms.Instead,theyoftenconsistofcompoundssuchasaminoacids,seaweedextracts,humicsubstances,andotherorganicmaterialsthatactivatephysiologicalprocessesinplants.KeyVC-backedprovidersincludeIndigo,Sound,Aphea.Bio,andNewLeafSymbiotics.Inoculants:Inoculants,specificallymicrobialinoculants,areproductsthatcontainbeneficialmicroorganisms,suchasbacteria,fungi,orothermicrobes,andareappliedtosoilorplantsurfacestoestablishsymbioticorbeneficialrelationshipsthatenhanceplantgrowth,nutrientavailability,andoverallcropproductivity.Themicroorganismsininoculantsinteractwithplantsinwaysthatenhancenutrientavailability,protectagainstpathogens,orpromoteoverallplanthealth.Examplesincludenitrogen-fixingbacteria,mycorrhizalfungi,andplant-growth-promotingbacteria.KeyVC-backedprovidersincludeGroundworkBioAg,AlgaEnergy,andFicosterra.Biopesticides:Thesearenaturallyoccurringsubstances,suchasmicrobesorplantextracts,thatcontrolpestsanddiseases.Biopesticidescanincludemicrobialpesticides(forexample,bacteriaandfungi),plant-basedpesticides,andbiochemicalpesticides(pheromones,forexample).Unlikechemicalpesticides,biopesticidesoffertargetedsolutionswithminimalimpactonnontargetorganismsandtheenvironment.KeyVC-backedprovidersincludeAgBiome,Vestaron,Enko,andInvaio.Macrobials:Macrobialsgenerallyrefertolargeorganismsusedinagricultureforpestcontrol.Thiscategoryincludesmacroscopicorganismssuchasinsects,mites,nematodes,andpredatoryorparasiticorganisms.Macrobialsareemployedasbiologicalcontrolagentstomanagepests.Forexample,predatoryinsectssuchasladybugsorparasiticnematodesmaybeintroducedtocontrolpestpopulationsinatargetedandenvironmentallyfriendlymanner.Otherexamplesincludeladybugsforaphidcontrol,predatorymitesforspidermitecontrol,andentomopathogenicnematodesforcontrollingsoil-dwellingpests.KeyVC-backedprovidersincludeUbees,Beeflow,andBigSis.Semiochemicals:Semiochemicalsarechemicalsubstancesthatconveyinformationbetweenorganisms.Inagriculture,theyareoftensignalingchemicalsusedforcommunicationbetweenplants,insects,andotherorganisms.Semiochemicalscanactasattractants,repellents,ordisruptantsinthebehaviorofpestsorbeneficialorganisms.Theyplayaroleinchemicalcommunicationwithinecosystems.Examplesincludepheromonesreleasedbyinsectstoattractmates,plantvolatilesthatattractpollinators,andrepellentsusedtodeterpests.KeyVC-backedprovidersincludeProvivi,PherobioTechnologies,andAgroSustain.1:Humicacidisanorganicmoleculethatimprovessoilstructure,waterretention,andnutrientuptakebyplants.Itisderivedfromcoal,lignite,soils,andotherorganicmaterials.2PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureAgriculturalbiologicalsVCdealvalue($M)bysegment$800$600$400$200$020202021202220232019InoculantsBiofertilizersBiopesticidesMacrobialsSemiochemicalsBiostimulantsSource:PitchBook•Geography:Global•AsofDecember22,2023AgriculturalbiologicalsVCdealcountbysegment30252015105020202021202220232019InoculantsBiofertilizersBiopesticidesMacrobialsSemiochemicalsBiostimulantsSource:PitchBook•Geography:Global•AsofDecember22,2023BenefitsandchallengesAgriculturalbiologicalscontributetoenvironmentalsustainabilitybyreducingchemicalresidues,promotingsoilandwaterconservation,andfosteringoverallecosystemhealth.Biofertilizersenhancesoilhealthbyencouragingbeneficialmicroorganisms,improvingnutrientcycling,andincreasingorganicmattercontent.Adoptingbiopesticidesandbiofertilizersreducesrelianceonsyntheticchemicals,supportsintegratedpestmanagement,andalignswithsustainableagricultureprinciples.Biostimulantsplayacrucialroleinplantgrowthpromotion,optimizingphysiologicalprocessesaswellasenhancingcropyieldsandquality.Biopesticidesalsocontributetoresistancemanagementbyofferingadifferentmodeofactioncomparedtoconventionalchemicalpesticides.Theintroductionofagriculturalbiologicalssupportsmicrobialdiversityinthesoil,contributingtoahealthyandbalancedsoilmicrobiome.Moreover,thecompatibilityofmanybiologicalswithorganicfarmingpracticesmakesthemvaluabletoolsfororganicfarmers.3PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureHowever,thesebenefitsareaccompaniedbyseveralchallenges.Theefficacyofagriculturalbiologicalscanvary,influencedbyfactorssuchasenvironmentalconditions,applicationmethods,andcompatibilitywithotherinputs.Somebiologicalsmayhavelimitedpersistenceintheenvironment,necessitatingmorefrequentapplicationscomparedtotheirsyntheticcounterparts.Thedevelopmentandcommercializationofagriculturalbiologicalsinvolveresearch&developmentcosts,posingfinancialchallengesforstartupsandcompanies.A2021pulsepolloffarmersindicatedthat21%ofrespondentsknewnothingaboutbiologicals,andanother41%neededtolearnmoreaboutthembeforeusingthemontheirfarms.2Awarenessandeducationamongfarmersaboutthebenefitsandproperuseofthesebiologicalsarecrucialfortheirsuccessfuladoption.Storageandshelf-lifeconsiderationscanpresentlogisticalchallenges,especiallyformicrobialinoculantswithspecificrequirements.Regulatoryapprovalprocessesforagriculturalbiologicalsarecomplexandtime-consuming,posinghurdlesformarketentry.Challengesrelatedtoresistanceandadaptationofpestsanddiseasestobiopesticidesrequireongoingresearchefforts.Achievingmarketacceptanceandwidespreadadoptionofagriculturalbiologicalsmaynecessitateovercomingskepticismandtraditionalfarmingpractices.Addressingthesechallengesinvolvescollaborativeeffortsamongresearchers,industrystakeholders,andregulatorybodies,withadvancementsintechnologyandbetterunderstandingofmicrobialinteractionsexpectedtoenhancethebenefitsofagriculturalbiologicalsovertime.MarketTheglobalagriculturalbiologicalsmarketisexpectedtogenerate$14.6billionin2023,growingto$27.9billionby2028,representinga13.8%CAGR,3excludinganystructuralmarketdisruptions.Environmentalconcerns,mountinginterestinimprovingsoilandoverallfarmhealth,technologicalinnovations,andapursuitofsustainableyieldimprovementenablethisgrowth.Geopoliticalconflicts,suchastheongoingwarinUkraine,cancausesupplychaindisruptionsandresultinresourcescarcity.Thisscarcitycanaffecttheaccessibilityandaffordabilityofconventionalagriculturalinputssuchassyntheticfertilizer.Asaresult,theadoptionofnovelalternativessuchasbiofertilizersmaybeaccelerated.However,thegrowingdemandforagriculturalbiologicalsisnotexpectedtocannibalizedemandforconventionalinputs.Infact,demandforconventionalinputsisexpectedtooutpacebiologicalsfortheforeseeablefuture.Duetothechallengesofadoptingbiologicals,expertsnowlargelyviewthemlessasareplacementforchemicalsinputsandmoreasanewtoolinatoolboxofsolutions.Theconsensusamongexpertsatthe2023SalinasBiologicalSummit—thelargestconferenceonagriculturalbiologicals—pointedtotheneedforan“integratedapproach”usingvariouschemicalandbiologicalproductsintandemtoboostormaintainyieldswhileimprovingfarmhealth.4Thecropprotectionmarketisdominatedbythe“bigfour”agrochemicalcompanies:Bayer,BASF,Corteva,andChem-China.Thesecompanieshavegainedexposureto2:“FarmersWantProofofConceptBeforeTryingBiologicals,”Agweb,SonjaBegemann,January11,2021.3:“AgriculturalBiologicalsMarket,”MarketsandMarkets,July2023.4:“BiologicalsWon’tReplaceChemicalCropInputsAnytimeSoon:Here’sWhy,”AgfunderNews,JenniferMarston,June27,2023.4PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculturebiologicalsthroughacquisitionsandin-housedevelopment.SomeofthelargestacquisitionsincludeChemChina’sacquisitionofSyngenta,Corteva’sacquisitionofStollerGroupandSymborgCorporate,andBASF’sacquisitionofMicroFloCompany.Thesecompaniesalsogainexposurethroughcorporateventureactivity.Someofthemostwell-fundedbiologicalstartupswithcorporateventurecapital(CVC)fundingincludePivotBio,AgBiome,andProvivi.Whilethebigfourcontinuetodominate,VC-backedstartupshaveraisedsignificantcapitalandintroducednewproductstomarket.Indigohaslaunchedaportfolioofbiostimulantsforcorn,soy,wheat,andcottonproducts.PivotBiohasitsownportfolioofcorn,wheat,andsorghumbiofertilizers,andAgbiomerecentlylaunchedtwobiofungicideproducts.Themajorityofbiologicalcompanies—64outofourlistof764—arebasedintheUS,followedbyCanada(37),Spain(36)andIndia(35).Asaregion,Europehasproduced169startups,whileAsiahasproduced60.MacrodriversTheadoptionofagriculturalbiologicalsisinfluencedbymacroeconomicdriversthatreflectbroadereconomictrendsandprioritieswithintheagriculturesector.Somekeymacroeconomicdriversinfluencingtheadoptionofagriculturalbiologicalsinclude:•Sustainabilityandenvironmentalconcerns:-Increasingawarenessofenvironmentalsustainabilityandadesiretoreducetheecologicalfootprintofagriculturearedrivingincreasedinterestinbiologicals.Agriculturalproducersrespondtomarketsignals,recognizingtheimportanceofaligningtheirpracticeswithconsumerpreferencesforenvironmentallyfriendlyandresponsiblysourcedgoods.-Sustainablepractices,includingtheuseofbiologicals,alignwithconsumerpreferencesandregulatoryinitiativesfocusedonenvironmentalconservation.-Soilcarbonprojectsandcarboncreditsincentivizeagriculturalproducerstoadoptbiologicalsandothersustainablepractices.•Globalpopulationgrowth:-Thegrowingglobalpopulation,expectedtoreach9.7billionby2050,5necessitatesincreasedfoodproduction,promptingtheadoptionoftechnologiesthatenhancecropyieldandquality.-Agriculturalbiologicalscontributetosustainableintensification—anagriculturalapproachthatincreasesfoodproductionwhileminimizingenvironmentalimpact.Forexample,usingbiologicalmethodstoimprovesoilhealthandfertilitycanimprovecrophealthandyields.5:“Population,”UnitedNations,n.d.,accessedDecember21,2023.5PitchBookAnalystNote:BiologicalsBringNatureBacktoAgriculture•Governmentsupportandregulations:-Supportiveregulatoryframeworksthatencouragesustainableagriculturalpractices,includingtheuseofbiologicals,playacrucialroleinadoption.-Governmentspromotingreducedrelianceonsyntheticchemicalsandendorsingeco-friendlyalternativescreateanenvironmentconducivetotheadoptionofagriculturalbiologicals.TheUSDepartmentofAgriculture’sNaturalResourcesConservationServiceoffersconservationprogramsthateducateandencouragetheadoptionofbiologicals.-Governmentpolicies,subsidies,andincentivesthatpromotesustainableagricultureandtheadoptionofbiologicalsencouragefarmerstoincorporatethesepractices.•Technologicaladvancements:-Advancesinbiotechnology,microbiology,andprecisionagriculturecontributetothedevelopmentofmoreeffectiveandtargetedagriculturalbiologicalproducts.•Climatechangeresilience:-Concernsabouttheimpactofclimatechangeonagriculturedrivetheadoptionofpracticesthatenhanceresilience.-Agriculturalbiologicals,whichcancontributetoimprovedsoilhealthandplantstresstolerance,areseenastoolsforbuildingclimate-resilientfarmingsystems.•Economicviability:-Theeconomicfeasibilityofadoptingagriculturalbiologicals,consideringfactorssuchasinputcosts,yieldimprovements,andoverallfarmprofitability,influencesadoptiondecisions.-Farmersevaluatethereturnoninvestmentandcost-effectivenessofincorporatingbiologicalsintotheirfarmingpractices.•Geopoliticaleventsanddisruptionsinsupplychains-Geopoliticaleventsandconflictscandisrupttraditionalsupplychainsforagriculturalinputs,includingsyntheticfertilizers.Thisdisruptionmaypromptfarmerstoexplorealternativeandlocallyavailableinputs,suchasbiofertilizers.Thesemacroeconomicdriverscollectivelyinfluencethedecision-makingprocessforfarmersandagriculturalstakeholders,shapingtheadoptionlandscapeforagriculturalbiologicalswithinthebroadercontextofglobalagriculture.6PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureVCactivityTheagriculturalbiologicalssectorhasgainedinvestorattentionduetotheincreasingdemandforsustainableandenvironmentallyfriendlyagriculturalpractices.2023YTDdealvaluesexceededthetotaldealvaluesfor2022,buckingthecurrenttrendofVCslowdown.Welogged$983.5millioninvestedacross49dealsin2023,withdealvaluesup30.6%versusthe2022annualtotal.AgriculturalbiologicalsVCdealactivity7164475549334037292717$72.7$141.3$183.4$398.0$605.4$676.9$740.5$1,514.4$1,633.0$753.3$983.520132014201520162017201820192020202120222023Dealvalue($M)DealcountSource:PitchBook•Geography:Global•AsofDecember22,2023Thebiostimulantcategoryattractedthemostventurecapital,with$497.7millioninvestedacross16dealsin2023.Thelargestbiostimulantdealof2023wasa$250.0millionlate-stageinvestmentinscale-upIndigo.AlthoughIndigo’sfirstproductwasabiostimulant,ithassinceexpandedtonewproductsandservices,includinganintegratedcarboncreditandcarbonfarmingprogramandadigitalsustainabilityprogram.Thesecond-largestdealwasa$77.8millionlate-stageroundattributedtoElementalEnzymes,acropnutrientdeveloperthatproducesvariousplantnutrientproductsusingnaturallyoccurringenzymesandbiochemistries.Laggingcategoriesincludeinoculantsandsemiochemicals.Whileproductsinthesecategoriesbenefitsoilandplanthealth,lackofawarenessandeducationamongfarmersandthelearningcurvestohandleandstoretheseproductshavechallengedadoption.Scale-upLoamBioisakeyproviderofinoculantsandhasraised$109.7million.Itprovidesamicrobialsoilinoculantproducttoimprovesoilhealthaswellassoilcarbonprojectsthatcompensatefarmersforthecarbonsequestrationbenefitsofitsproducts.Valuationsincreasedforthreestraightyearsthrough2022asenthusiasmforthespacegrew.However,marketvolatilityandachallengingexitenvironmentreversedthetrendacrossallventurestagesin2023,withoverallmedianpre-moneyvaluationsdown44.5%to$16.0millionYoY.Themostsignificantdeclineinvaluationsisattheventure-growthstage,wherealackoffundingopportunitiesandexitoptionshavecompressedvaluationsby85.1%to$44.6millionYoY.7PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureMediandealsizespaintaverydifferentpicture,withoveralldealsizesup71.8%to$10.0millionYoY.Dealsizesincreasedateverystage,barringpre-seed&seed,whichdeclined70.6%to$1.0millionYoY.WeattributethegrowthindealsizestoVCstakingamoreconservativeapproachbywritingfewerbutlargerchecks,withafocusonportfoliocompaniesornewcompanieswiththegreatestchanceofsuccess.KeyVC-backedagriculturalbiologicalscompaniesCompanyHQlocationCategoryMostrecentfinancingVC($M)raisedMostrecentpost-Mostrecentdealtypetodatemoneyvaluation($M)Late-stageVCSeriesDPivotBioBerkeley,USBiofertilizersOctober13,2023$622.0$1,700.0SeriesDBiofertilizersDecember11,2023SeriesCYnsectÉvry,FranceBiopesticidesNovember14,2023$583.4$747.5SeriesC2BiopesticidesMarch30,2023Late-stageVCAgBiomeDurham,USSemiochemicalsJune12,2023$236.2N/ASeriesDSemiochemicalsSeptember4,2023SeriesCVestaronDurham,USBiostimulantsDecember14,2023$199.3$362.0SeriesCBiopesticidesAugust24,2023ProviviSantaMonica,USBiopesticidesJune20,2023$192.2$420.0Biostimulants,SemiosBioTechnologiesVancouver,CanadabiopesticidesJuly11,2023$180.5$789.6SoundAgricultureEmeryville,US$170.4$375.0EnkoMystic,US$151.0$330.0InvaioCambridge,US$150.9$144.0Aphea.BioGhent,Belgium$123.9$34.8SeriesCSource:PitchBook•Geography:Global•AsofDecember22,2023ExitsWhiletheagriculturalbiologicalssectorhasexperiencedrapidgrowth,itisstillnascent.VC-backedexitactivityremainslimited,andupwardgrowthwasstuntedin2023duetobroadermarketchallenges.WeloggedfiveVC-backedexitsin2022andfourexitsin2023asofDecember21.Analyzingall-timeexitactivity,companiesproducingbiostimulantsandbiopesticideswerethemostlikelytoexit,with19exitslogged,or70.4%ofexits.M&Aisthemostcommonformofexit,accountingfor37.0%ofallexits.WeloggedsevenIPOsandthreereversemergers,makingpubliclistinganequallylikelyexitpath.TwoofthemostnotablebiologicalcompaniesincludeGinkgoBioworksandGreenLightBiosciences.Bothcompaniesexitedviareversemerger.8PitchBookAnalystNote:BiologicalsBringNatureBacktoAgricultureAgriculturalbiologicalsVCexitactivity5431221$162.20100$0.0$262.2$0.0$0.0$0.0$18.2$0.0$17,112.5$1,275.4$0.020132014201520162017201820192020202120222023Exitvalue($M)ExitcountSource:PitchBook•Geography:Global•AsofDecember22,2023COPYRIGHT©2024byPitchBookData,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedinanyformorbyanymeans—graphic,electronic,ormechanical,includingphotocopying,recording,taping,andinformationstorageandretrievalsystems—withouttheexpresswrittenpermissionofPitchBookData,Inc.Contentsarebasedoninformationfromsourcesbelievedtobereliable,butaccuracyandcompletenesscannotbeguaranteed.Nothinghereinshouldbeconstruedasinvestmentadvice,apast,currentorfuturerecommendationtobuyorsellanysecurityoranoffertosell,orasolicitationofanoffertobuyanysecurity.Thismaterialdoesnotpurporttocontainalloftheinformationthataprospectiveinvestormaywishtoconsiderandisnottoberelieduponassuchorusedinsubstitutionfortheexerciseofindependentjudgment.9

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