Swedish biotech firm Arevo raises €6.6M to scale its climate-friendly cultivation technology
Summary
Sweden-based Arevo AB, a biotech company that claims to make plants grow better for a healthy planet, announced that it has raised €3.1M in funding from new investor Industrifonden. Additionally, existing investors Navigare Ventures, Fort Knox, Stora Enso, and Kempestiftelserna have contributed an extra €3.5M to bolster Arevo’s growth. Anna Haupt, an investor at Industrifonden, says, “Addressing the increasing demand for food to sustain our growing population, while simultaneously mitigating the adverse environmental effects of agriculture remains a pressing global challenge – one that is of paramount importance to policymakers and agricultural stakeholders alike.” “I am eagerly anticipating the broader utilisation of Arevo’s products beyond the forestry sector. Åström says, “Backing from our established long-term investors for Arevo’s scaling journey empowers us to accelerate the dissemination of our technology and address urgent global needs.” “Our precision nutrition products not only mitigate nitrogen leakage but also enhance yields and revolutionise agriculture and horticulture practices currently under legislative and financial pressures.” “This investment marks the start of our international expansion into horticulture and agriculture. Arevo claims that its precision nutrition solution taps into plants’ innate capacity to use water and nutrients effectively, reducing reliance on mineral fertilisers.