MycoNourish, an ambitious new biotechnology company and spin-out of the James Hutton Institute, announced today the completion of a £150K funding round led by Techstart Ventures. The funding, combined with a recent £125K Higgs Award from Scottish EDGE, will allow the company to grow the business and release their first two products targeted at enhancing yield and quality in strawberry and tomato crops.
The start-up’s innovative technology aims to sustainably improve crop production by taking advantage of microbes that work in symbiosis with crops. This is done with the assistance of beneficial fungi, known as ‘mycorrhizae’, which act as a secondary root system for plants, and work with crops to enhance yields. Using these beneficial organisms adds value for growers by increasing their margins and supporting them to be globally competitive.
With increasing pressures on the agricultural industry, ranging from changes in regulations and products no longer being available to labour shortages, it is vital for growers to maximise the amount of their produce that meets the highest grade. An average of 10% of strawberry production goes to waste as it doesn’t meet the quality standards required for retail – and MycoNourish harnesses the power of beneficial microbes to tackle these issues. €143bn is lost by growers to wastage each year across Europe, and technology such as this will form an important part of a toolset of sustainable improvements to tackle food wastage at the primary production stage, and improve food security.
MycoNourish founder Dr Peter Orrell said: “There are countless microbes that have both positive and negative effects on plant growth. Ensuring that crops are paired with the best ones offers a novel way of improving yields, and over 85% of the world’s crop species could benefit from our technology.
“We are delighted to have recently completed this investment round, which will enable us to bring our first two products to market. We found the pragmatic approach of our investors to align well with our company, and we look forward to working with them to commercialise this exciting opportunity.”
Techstart Ventures specialises in seed investment for ambitious early-stage companies based in Scotland and Northern Ireland. Investment Director, Robert Richmond, commented: “MycoNourish seeks to exploit the team’s extensive research and understanding in mycorrhizal fungi. Complementing the company’s innovative approach, we were also impressed with Peter’s clear vision on route to market in conjunction with the potential global reach for the company’s products. We also recognise the ongoing support that the James Hutton Institute and James Hutton Limited provide to Peter and the MycoNourish team.”
Notes to editors:
MycoNourish Limited is an ambitious new biotechnology spin-out company established in 2018 with technology developed at the world-leading James Hutton Institute and its commercial subsidiary, James Hutton Limited. MycoNourish harnesses the power of microbes to enhance crop production and add value for growers. They tailor beneficial fungi to suit specific crops and conditions using scientifically proven research and advanced technology, reliably producing stronger plants every time. www.MycoNourish.com
James Hutton Limited is the James Hutton Institute’s commercial subsidiary, providing a comprehensive range of analytical, research and development, breeding, and consultancy services to global customers and collaborators. www.huttonltd.com
Techstart Ventures is a leading investor of seed capital across Scotland and Northern Ireland. We are a trusted partner to ambitious founders on their journey to success. In Scotland, Techstart Ventures LLP manages the Scottish Growth Scheme – Techstart Ventures Equity Finance LP Fund which has been financed by support from the Scottish Government and the European Regional Development Fund from the 2014-20 European Structural Funds Programme in Scotland. www.techstart.vc