Canadian agricultural products and services company Agrium Inc (TSX, NYSE: AGU) has made an undisclosed commitment to the second agricultural technology fund of U.S. venture capital firm Finistere Ventures. Finistere Ventures Fund II, targeted to raise US$150 million, will invest in companies in plant nutrition, biologicals, seed technology, digital agriculture and novel farm systems. Agrium said the commitment will enhance its “ability to access and evaluate the pipeline of rapidly evolving agricultural technologies.” AVAC said last year it is partnering with Finistere to help leverage opportunities emerging from Canadian universities and research institutions.
Agrium Announces Investment in Finistere AgTech Venture Fund
CALGARY, AB–(Marketwired – July 27, 2016) – Agrium Inc. (TSX: AGU) (NYSE: AGU) announced today that it has committed to invest as a limited partner in Finistere Ventures Fund II (“Finistere”), a leading AgTech venture fund focused on identifying and investing in world-class technologies, across early-to-growth stage companies within the areas of plant nutrition, biologicals, seed technology, digital agriculture and novel farm systems.
This investment will play an important role in supporting Agrium’s innovation and technology strategy of developing a total-acre solutions’ offering that is well-positioned to address existing and emerging grower challenges. Further, Agrium will join a core group of leading, strategic investors in Finistere across the agriculture, farming and food industries, which will provide access to unique collaboration and partnership opportunities.
“We believe this investment will significantly enhance Agrium’s ability to access and evaluate the pipeline of rapidly evolving agricultural technologies, which will enable us to continue expanding our strong portfolio of innovative products and solutions for growers,” commented Agrium’s President & CEO, Chuck Magro. “Agrium is in an excellent position to commercialize these new technologies across our 1,400 ag-retail centers, which service hundreds of thousands of growers in key agricultural markets,” added Mr. Magro.
Agrium Inc. is a major global producer and distributor of agricultural products, services and solutions. Agrium produces nitrogen, potash and phosphate fertilizers, with a combined wholesale nutrient capacity of over nine million tonnes and with significant competitive advantages across our product lines. We supply key products and services directly to growers, including crop nutrients, crop protection, seed, as well as agronomic and application services, thereby helping growers to meet the ever growing global demand for food and fibre. Agrium retail-distribution has an unmatched network of over 1,400 facilities and over 3,800 crop consultants who provide advice and products to our grower customers to help them increase their yields and returns on hundreds of different crops. With a focus on sustainability, the company strives to improve the communities in which it operates through safety, education, environmental improvement and new technologies such as the development of precision agriculture and controlled release nutrient products. Agrium is focused on driving operational excellence across our businesses, pursuing value-enhancing growth opportunities and returning capital to shareholders. For more information visit: www.agrium.com.
Finistere Ventures is a leading agricultural technology and life sciences venture capital investor with offices in Silicon Valley and San Diego. They are investing from their $150M fund Finistere II, which commenced investing in 2015. The team has developed and invested in some of the most successful AgTech companies of the last 20 years. To learn more, visit www.FinistereVentures.com.
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Contact us at: www.agrium.com