Friday September 20, 2019 0 comments
LAFAYETTE -- Front Range Biosciences, a technology provider for the breeding and production of new plant varieties and seeds in hemp, coffee and regulated cannabis industries, announced it has completed an $8.5 million insider round.
Key investors include Militello Capital, Welcan Capital, AFI Capital, Phyto Partners, Harvard Business School Alumni Angels of New York, New York Angels, Sand Hill Angels XVI, LLC, Arcadian Capital Management, Halley Venture Partners LP and Salveo Capital, as well as other returning investors.
The round was oversubscribed with support from existing investors, highlighting the company's growth trajectory. The Insider Round increases FRB's pace of expansion for its Clean Stock program, breeding program and intellectual property portfolio.
"FRB is not just keeping up with the industry, it's defining it," said Vikas Desai, founder and partner at Welcan Capital.
"The ability to execute on their exponential growth plan, while developing innovative products to meet thriving market demand, proves FRB is an industry pace-setter and in position to remain the leader amongst the competition."
"The continued global advancement of cannabis legalization is creating an opportunity for unprecedented growth and innovation in agriculture," said Jon Vaught, Front Range CEO and co-founder.
"The introduction of cannabis to the agricultural market as a new crop with medical, nutritional and industrial applications presents a unique opportunity for us to use modern biotechnology to provide sustainable solutions for farmers around the world."
FRB said it is driving the advancement of hemp and cannabis agriculture with its innovative varietal development platform and Clean Stock program that provides growers with best-in-class solutions.
The Insider Round enables FRB to expand its lead over new entrants in the space, propelled by data-driven innovation and a team of deeply experienced experts. By expanding hemp seed production both nationally and globally, alongside its young plant program, FRB said its production capabilities will multiply in 2020.
"The management team at FRB continues to grow and accumulate decades of expertise in the agricultural and biotech sectors," said Bill Militello, founder of Militello Capital.
"With the acquisition of the Steep Hill genomics R&D team, FRB expands its leadership position and provides unparalleled benefits to the industry."
In conjunction with renowned research facilities such as CRAG and UC Davis, FRB's expanded R&D program is commercializing valuable, unique traits such as disease resistance and yield.
In a little more than three years of operations, FRB has built more than 160,000 square feet of facilities, acquired a world-class cannabis genomics team and shipped millions of plants to farmers and growers across the country.
With this Insider Round, FRB continues to accelerate its growth as the leading agricultural biotech company in hemp and cannabis, the company said.
"FRB continues to build on its position as the leader in agricultural biotech for the hemp and cannabis industries," said Chi-Chien Hou, managing director at AFI Capital Partners.
"The combination of FRB's robust breeding program and their scaled tissue culture propagation results in tangible benefits for its customers by generating rigorous plants with higher yields and more selective expression.”