Inari Raises $124 Million to Develop Seeds for a More Sustainable Food System
Inari announced the successful conclusion of its latest fundraise, $124 million. The cumulative equity raised by the SEEDesign™ company to create nature-positive solutions now totals $475 million.
The investment will help Inari maintain its leadership position in multiplex gene-edited seed technology, expand the company's product development, and ultimately bring new value to the commercial seed market.
New investors, including Canada Pension Plan Investment Board (CPP Investments) and company founder Flagship Pioneering, provided strong support for the Series E fundraise. On behalf of some of their customers, additional funds were secured from existing investors like Hanwha Impact Partners, NGS Super, and Banque Pictet, as well as new investor Sage Hill Investors.
Inari CEO Ponsi Trivisvavet, said:
"This news reaffirms the relevance and importance of our mission at Inari to unlock the full potential of seed. These investments put us in a position to truly push the boundaries of what is possible and design seeds for a more sustainable, nature-positive food system.”
Robert Berendes, Ph.D., Flagship Pioneering executive partner and Inari board member, said:
"When Flagship Pioneering founded Inari, we envisioned the potential of adapting technology platforms previously used for human health to transform our global food system and have a restorative impact on our planet. This fundraise further validates the company’s pioneering advances and fuels the next phase of bringing breakthrough seed solutions to market, thereby unlocking new possibilities for farmers, consumers and the planet.”
Leon Pedersen, managing director and head of growth equity at CPP Investments, said:
"Inari is introducing innovations that stand to make a big impact on the long-term future of the global food system. As long-term investors, we are confident that our investment in Inari will support their efforts to feed the world more sustainably while also producing strong risk-adjusted returns for the CPP Fund.”
Aside from the successful equity raise, Inari also refinanced and expanded its credit agreement with K2 HealthVentures, a healthcare-focused speciality finance company. This new investment allows Inari to access up to $60 million in debt capital, boosting the company's financial flexibility in the future.
Both of these financial developments support Inari’s SEEDesignTM platform, which aims to deliver significant increases in yield while simultaneously improving crops’ use efficiency of resources such as water and fertilizer.