Davis-based agricultural biotech firm Arcadia Biosciences Inc. says it has closed on a $33 million round of Series D preferred share equity financing.
The company said the financing was led by an investment of $30 million from Mandala Capital Limited, an agribusiness private equity fund focused on seed technology and other sectors in India.
With completion of the latest Series D round of investment, officials said total equity capital raised by Arcadia amounts to $101 million.
Arcadia said it plans to use proceeds from the financing to accelerate development and commercial launch of products. Arcadia develops ag products that aim to benefit the environment and human health, while simultaneously making agricultural production economically efficient.
Our investment benefits from exposure to Arcadias highly developed global seed technology platform that touches every major agricultural economy, said Uday Garg, managing director of Mandala. We are particularly excited about the products in advanced development at Arcadia that address the acute need for crops with traits of water and nitrogen use efficiency, and abiotic stress, including drought tolerance in our funds target market, India.
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