BetterSeeds secures control of approved Canadian cannabis seed facility
$20M revenue forecast for 2023 from gene-edited crops
- BetterSeeds creates better, more resilient crop varieties using CRISPR gene editing, helping to solve mounting food shortage crisis
- Startup forecasts first revenue of $20M in 2023
- Secured majority rights in approved cannabis seed manufacturing facility in Canada with North American partner
- Field testing proprietary commercial cucumber genetics with major Middle East canned food company to adapt to automated harvest
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"We design new seeds, better seeds, that can feed humanity sustainably."
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Dear Josb,
Due to population growth and changing consumption patterns, the world will need to increase food production by 70-100% in the next half century. Land, water, energy and other natural resources are already strained.
OurCrowd is investing in BetterSeeds, an Israeli startup that uses CRISPR gene editing technology to produce seeds for crops with increased nutritional value and higher yields, suitable for automated harvesting, and adaptable to changing climate conditions. The details in this email are based on information received from, and verified solely by, the company.
BetterSeeds is the sole Israeli commercial licensee of CRISPR gene editing technology for crop design. CRISPR does not typically insert any foreign genetic material into the seed. Instead, it removes or deletes certain genes – for example, a gene that makes a plant susceptible to fungus, thus making the plant resistant. Since no foreign genetic material is introduced, the new seeds are considered non-GMO, which has marketing and regulatory advantages, avoiding the stringent regulation and negative public perception applied to GMO products.
BetterSeeds is initially focusing on cannabis, tomato, legumes, vegetable seeds and perennial crops such as cocoa. It is the only company that has developed stable cannabis parental lines to produce uniform seeds which are disrupting the industry. The company is aiming for commercial launch this year and forecasts $20M revenue in 2023.
Since OurCrowd launched this investment opportunity in February, BetterSeeds reports the following significant developments:
Majority Rights in Canadian Cannabis Seeds Facility: The company has secured majority rights in an approved facility for cannabis flower and seeds manufacturing in Canada, in exchange for exclusive access to BetterSeeds Cannabis genetics in Canada.
Cucumber Genetics Field Tests: BetterSeeds has acquired its own commercial industrial cucumber genetics, now in field tests with a major canned food producer in the Middle East. The aim is to edit the genetics to adapt the cucumbers for automated harvest – similar to the change that made industrial tomatoes able to be harvested automatically, cheap enough for ketchup to be priced competitively. Automated harvesting should significantly increase profitability for the producers and reduce the price of pickles for consumers.
Negotiations with Major Partner: The company is in negotiations to explore an R&D and commercial partnership with a major agricultural company which has an international footprint in Africa, the Middle East and other regions.
Expanding Labs and Growing Area: The company is in the process of completing the doubling the size of its laboratories and indoor growing facilities.
The Round
OurCrowd is joining this $7M round with an up to $2M allocation. Proceeds will be used to complete development and start marketing the company's first products and related IP. The company may raise an additional round later this year to support commercialization. BetterSeeds is aiming for an IPO within the next 18 months.
Meet the CEO
Watch an investor conference call with CEO Ido Margalit and learn more about BetterSeeds HERE.
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