Glasgow-based Solasta Bio raises $14M Series A for green insecticides

Solasta Bio, an agri-biotech company providing green insecticides, has completed a $14M Series A funding round to accelerate the development of its peptide-based, nature-inspired bioinsecticides – the first of their kind to be developed worldwide.

The investment round was led by Forbion via its BioEconomy fund strategy, with co-lead investment from agricultural strategics FMC Ventures (FMC Corporation) and Corteva Inc., through its Corteva Catalyst platform. Participation from existing investors included Cavallo Ventures (Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and University of Glasgow, bringing the total raised to date to $19 million. In the context of this round Joy Faucher from Forbion will join the company’s board of directors.

Series A funding follows a successful 2023 trials season in which SOLASTA Bio’s unique insect control agents demonstrated efficacy during field trials on multiple crops in Europe, the UK and US.

Established in 2021, Glasgow-based SOLASTA Bio has developed the world's first technology platform for creating insect control agents that are nature-inspired rather than selected from a synthetic chemistry library. As well as meeting the efficacy standards of current chemicals on the market, these environmentally friendly agents address a growing global need for effective crop protection by selectively targeting insect pests while protecting beneficial pollinators such as bees. SOLASTA Bio’s platform can be mobilised for any pest of interest, across both crop and non-crop applications such as stored grain.

With the investment round secured, SOLASTA Bio will continue to advance its technology platform and pipeline of insect control agents, targeting a $27bn annual market opportunity¹. In parallel, the business will continue to build out its US operations, having already established a base in North Carolina, expand its real-world field trials across key geographies, scale-up its biomanufacturing capabilities and further develop strategic opportunities including applications beyond crop use.

The company is targeting market entry as early as 2027 – at least half the time traditionally taken by synthetic pest control products - demonstrating a significant advantage of the platform technology.

SOLASTA Bio is co-founded by CEO Shireen Davies and CSO Prof. Julian Dow and brings together a leadership team of technical and agrochemical industry specialists including Daphne Preuss, Paula Pinto, David Armour and Rob Wylie.

With the urgent need to protect pollinators and wildlife, while boosting agricultural productivity, SOLASTA Bio aims to play a leading role in the transition toward sustainable crop protection. The global insecticides market is currently dominated by synthetic chemicals accounting for 94% of insect control solutions¹. While 75% of food crops are dependent on pollinator insects, other insects cause enormous social, health and economic damage accounting for at least $70 billion in US crop losses alone. However, the insecticides market is under increasing pressure from widespread insect resistance, lack of species specificity, increasing regulatory controls and consumer preferences for non-chemical residues.

Shireen Davies PhD, FRSE, CEO and co-founder, SOLASTA Bio commented:

“SOLASTA Bio has come a long way since we set out on this journey 3 years ago. Having established operations in the UK and US, we’ve now got an international team with outstanding competencies in technology and agribusiness and, importantly, we have developed our unique technology platform to address grower pain points. The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides. With Series A now secured, it’s time for SOLASTA Bio to kick on to the next level and successfully hit our targets for
commercialisation.”