DryGro is an agriculture startup that has developed new technology to grow food in desert environments.
Business overview
Location | Aylesbury, United Kingdom |
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Social media |
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Website | - |
Sectors | Energy Non-Digital B2B |
Company number | 09011474 |
Incorporation date | 22 Jul 2019 |
Investment summary
Idea
Introduction
DryGro is an agriculture startup that has developed new technology to grow food in desert environments.
We are an Oxford-founded technology company solving one of the biggest problems of the next century - how do we feed a growing planet in light of land constraints and climate change?
Our technology allows the production of biomass 10x faster and using 99% less water than traditional agriculture. Using this technology, protein crops can be grown on arid land, opening up massive portions of the planet for agricultural production.
Target Market
DryGro is disrupting a $100 billion addressable market - a market that is set to grow dramatically in the years ahead.
Primarily grown in the US and Brazil, soy is consumed all over the world as the primary source of animal feed protein. However, the demand for soy is gradually outstripping the arable land available to grow it.
Scarcity in these markets disproportionately affects emerging markets and low-income countries. DryGro solves these problems by being able to grow in arid, low-water environments, undercutting the current value chain.
Drygro has won numerous awards from reputed organisations including Innovate UK, Climate-KIC, Horizon 2020, the European Space Agency, and Mass Challenge 2016.
Important Information
Earlier this year, Drygro entered into advance subscription agreements with certain investors for a total investment of £274,028. These investors benefited from a 40% discount at the next qualifying equity round.
The company has now raised a total investment of £1,000,561.65 from an institutional investor at a fully-diluted pre-money valuation of £10,000,000. This has triggered the conversion of the advance subscription agreements into equity.
The total investment from the institutional investor is split into two tranches. £774,519 of the total investment has been made at the full valuation, with the remaining £226,042 made at the 40% discount received by the advance subscription investors.
Existing Seedrs investors are invited to pre-empt on the full amount invested at the 40% discount, by both the advance subscription investors and the institutional investor, after which a public Seedrs campaign will be launched for the investment round at the full valuation of £10,000,000.
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