- Agritech startup Enko has raised $45 million in a Series B funding round led by the Gates Foundation.
- The value of the global crop protection market is estimated to reach $65 billion in 2023 — but increased regulation and resistance to pesticides has slowed growth.
- Enko CEO Jacqueline Heard said that "safer, lower-use-rate products that provide good returns for farmers needs to be the rule and not the exception."
- We got an exclusive look at the pitch deck Enko used to bring the Gates Foundation and other investors on board.
- Visit Business Insider's homepage for more stories.
Enko, a startup trying to disrupt the crop protection industry, has raised $45 million in a Series B funding round led by the Bill and Melinda Gates Foundation.
Founded in 2017, Enko uses a combination of artificial intelligence and its own "DNA library" of potential products to rapidly develop new chemicals.
The latest funding round, led by the Gates Foundation, was also backed by Anterra Capital, Finistere Ventures, and Novalis LifeSciences.
Dr Vipula Shukla, a senior executive at the Gates Foundation, said Enko's work would benefit farming communities in sub-Saharan Africa and South Asia.
"Smallholder farmers are the backbone of the agricultural economy in these regions, so working with innovative companies like Enko Chem to equip them with better ways to fight these threats is crucial to building their resilience to climate impacts on food and feed production," she said.
We got an exclusive look at the pitch deck Enko used to win investment from the Gates Foundation and others.
Check it out below:
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