RESEARCH TRIANGLE PARK – Harpe Bioherbicide Solutions, Inc., has raised more than $3 million in funding and will add a former U.S. Ambassador to its board of directors.

In a statement, the company disclosed that it closed on more than $3 million in financing with the round led by Alexandria Venture Investments and iSelect Fund Management.  Existing investor AgriTech Capital also participated in the latest round, and the company also raised funds from agricultural industry angel investors, it said in the statement.

The company raised $1.1 million in debt financing in August 2021.

The funds will be allocated to advance research and development.  According to the statement, the company plans to “strengthen its intellectual property portfolio that is established on a series of plant-based herbicidal active compounds.”

In short, the company plans to deliver additional formulations that can allow greater control of weeds, including those that are resistant to existing herbicides.

“There is an incredible need for the introduction of new, more sustainable herbicide alternatives,” said company CEO Bill Buckner.  “This is fueled by the vast number of synthetic herbicides facing increased weed resistance and is intensified by the lack of products with new modes of actions that can meet the needs of growers and consumers.”

The company anticipates that the conventional herbicide industry is worth more than $27 billion, with biopesticides anticipated to reach nearly $11 billion by 2027.

“The challenges faced by farming extend well beyond the field, as consumers are demanding more transparency into food production,” said Buckner.  “In addition, governing bodies continue to restrict the use of synthetic pesticides while increasing the pressure on farmers to produce high-quality food without negatively impacting soil, waterways and their neighboring environments.”

Harpe Bioherbicide Solutions, Raleigh ag-tech startup with ties to Termir Miracula, brings in $1.1M in debt financing

New board members

The company also announced that former U.S. Ambassador Kip E. Tom will join its board of directors.

Tom’s bio includes serving as the United States Ambassador to the United Nations Agencies for Food and Agriculture (2019-2021) focused on food security, policy and trade globally.

Tom is currently the managing member of Tom Farms LLC and the president of CereServ Incorporated.  Tom is also the founder and managing member of  GlobalAG LLC.  “In addition to being active in Agri-Business operations in Indiana for the past 46 years, Ambassador Tom has also served as a crop production consultant to various companies in Argentina, Brazil and Chile,” the company’s statement reads.

Two additional people will join the company’s board of directors as observers, as a part of the financing deal, the company announced.

Dr. Blake Stevens, the vice president of science and technology at Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments and the head of Alexandria LaunchLabs – AgTech, will join the board of directors along with Craig Herron, managing principal of iSelect Fund as observers.

“As a farmer and as an ambassador actively involved in improving sustainable food production, Harpe Bioherbicide Solutions is poised to exceed expectations in advancing agriculture through technology, said Tom in the statement.  “In looking to change the industry, Harpe Bioherbicide Solutions will deliver not only better products but also a whole new approach to natural herbicide innovation that stands to greatly benefit the world’s agricultural food supply, particularly in emerging markets.”

Harpe Bioherbicide plants equity round for innovative weed-killer