Bidra Innovation Ventures has secured a $200 million commitment from Mohammed VI Polytechnic University (UM6P) and the OCP Group to expand its investment scope to include energy, water, mining, and agriculture innovations. The initiative comes one year after Bidra launched a $50 million fund backed by the same investors, which focused on agriculture.
This additional funding is on top of the $50 million already funded. Bidra is excited to expand its investment scope with this new funding, allowing it to support energy, water, mining, and agriculture innovations.
Rob Hranac, CEO of Pattern Ag, says, “Bidra shares our belief that soil analysis plays a vital role in the future of green farming.” UM6P is a hub for education, research, innovation, and entrepreneurship, working to build collaborations with universities worldwide. The OCP Group is a global leader in plant nutrition solutions and the world’s largest producer of phosphate fertilizers.
Hicham El Habti, President of UM6P and Board Chair of Bidra, stated, “This fund will expand our investment in reducing the carbon footprint of the agriculture industry while tackling the challenges of food security, urbanization, and industrialization.” Supporting Bidra’s efforts is part of UM6P’s commitment to investing in sustainable agriculture and training a new generation of entrepreneurs and leaders, positioning Morocco and Africa at the forefront of research and technology.
Over the past year, Bidra has backed several initiatives, including robotics used to reduce chemical volumes (Niqo Robotics), biopesticides for deadly insects in Africa (Agrospheres), soil biology and diagnostics technology to customize fertility recommendations (Pattern Ag), a digital storefront for Kenyan farmers to access crop inputs otherwise challenging to obtain (Apollo Agriculture), and electrochemical technology to permanently sequester carbon and produce sulfuric acid by recycling phosphogypsum (Travertine).
This latest funding round will allow Bidra to continue supporting cutting-edge technologies and innovations in various industries. If you have the technology ready for prime-time, Bidra is an excellent gateway to scaling your technology in Africa and beyond.
Photo by Tigmi Moiz on Unsplash
