Nufarm-led round will boost company’s digital discovery platform and pipeline of leading molecules for crop health
MYSTIC, Conn., July 27, 2022 /PRNewswire/ — Enkothe crop health company, announced today $70 million in Series C financing, bringing the company’s total capital raised to date to $140 million. Global agrochemicals company Nufarm led the round as part of an expanded partnership to bring innovative products to its core markets.
Enko will use the new funding to advance its portfolio of crop protection chemicals that target critical pests and weeds through novel pathways. The funds will also expand Enko’s ENKOMPASSTM technology platform, combining DNA-encoded library screening with machine learning and structure-based design to rapidly find new, better-performing, and more specific chemicals. Since its inception in 2017, Enko has generated hundreds of leading molecules in all categories of crop protection. Enko’s product portfolio is currently led by a range of herbicides that are demonstrating breakthrough performance against industry standards such as glyphosate.
“Reliance on outdated chemicals has led to rampant resistance that threatens farmers’ livelihoods and our food supply,” said the CEO and founder of Enko. Jacqueline listened. “Enko’s digital platform greatly increases the scale and rate of discovery of new solutions, ruling out off-target organisms right out of the box. The result is bringing safe and effective products to growers better, faster and cheaper. The Need of this innovation has never been more urgent.
To move the industry forward amid stalled R&D, Enko is collaborating with Syngenta Y Bayer in promising new chemistries. Enko’s goal-based approach has generated its industry-leading discoveries in approximately half the time and with fewer resources than conventional R&D methods.
On expanding their partnership, the Managing Director and CEO of Nufarm greg hunting said, “We were early investors in Enko and have followed its portfolio’s performance in the lab and field over the past two years with increased interest. As an agricultural innovator, Nufarm’s strategy is to partner with like-minded companies that recognize that innovation and technology are the future of sustainable farming practices. We are delighted to invest in this Series C funding round.”
In addition to Nufarm, its investors include Anterra Capital, Taher Gozalthe Bill and Melinda Gates Foundation, Eight Roads Ventures, Finistere Ventures, Novalis LifeSciences, Germin8 Ventures, TO Ventures Food, Endeavor8, Alumni Ventures Group, and Rabo Food & Agri Innovation Fund.
About Enko
Enko designs safe and sustainable solutions to the biggest threats to farmers’ crops today, from pest resistance to new diseases by applying the latest drug discovery and development approaches from pharmaceuticals to agriculture. Enko is based in Mystique, Connecticut. For more information, visit enkochem.com.
About Nufarm
Nufarm is a global seed technology and crop protection company established over 100 years ago. Listed on the Australian Stock Exchange (ASX:NUF) with headquarters in Melbourne, Australia. As an agricultural innovator, Nufarm focuses on innovative crop protection and seed technology solutions. It has introduced Omega-3 canola to the market and has an expanding portfolio of unique GHG biofuel solutions. Nufarm has manufacturing and marketing operations in Australia, New Zealand, Asia, Europe Y North America.
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