MYCOPHYTO, a French agritech start-up that develops natural biological solutions (mycorrhizal fungi) to revitalize soils and accelerate plant growth, has closed a new funding round of €4.155 million (USD 5M) for 2022, following a remarkable funding round of €1.4 million in 2019. The company, founded in 2017 by Christine Poncet and Justine Lipuma, is now launching large-scale production and aims to become a leader in the European market by 2025.
The goal of MYCOPHYTO is to enable farmers to make a sustainable and economically realistic environmental transition. To do this, it must allow them to innovate with reliable, effective, and easily applicable solutions. The ambitious industrialization phase launched is a challenge, but MYCOPHYTO has structured itself to meet this challenge. With an increasing workforce and new profiles able to provide the necessary new skills, MYCOPHYTO is ready to take on the target sectors of the European market by 2025.
With a growing client portfolio in France and abroad, MYCOPHYTO’s revenue is on the rise. With more than 30 recurring customers this year and a presence in 4 main agricultural sectors (Perfume, aromatic and medicinal plants, market gardening and fruits/vegetables, vineyards, and landscaping), the company has demonstrated the gains of its solution: increased yields (between 15 and 30%), reduced inputs, including water (up to 40% less water stress), and improved production quality. These results now allow the company to prepare for the large-scale deployment of its products and services. “We must no longer think in terms of thousands of treated plants but in terms of tens of hectares to meet the demand of our customers. For this, we are increasing our production capacity and industrializing our processes,” says Justine Lipuma, CEO of MYCOPHYTO.
To reach this stage, the agritech startup has succeeded in terms of innovation and has proven the benefits of indigenous mycorrhization for crop productivity and soil resilience. It has built a unique expertise based on the knowledge of arbuscular mycorrhizal fungi with a Biobank, a patented production system, and the development of a unique worldwide predictive information system combining biotechnology, big data, and artificial intelligence. As a laureate of the Agri20 ranking in 2022, MYCOPHYTO is recognized for its potential by the French Tech mission.
By 2025, the goal is to produce a range of products and services on a large scale, while maintaining customized offerings for exceptional terroirs and high-value-added products. These two ways of meeting specific needs will allow MYCOPHYTO to become a leader in the European market.
Image provided by MYCOPHYTO
1 Comment