Gates Foundation Funds Puna Bio for Introducing Extremophile Agricultural Biologicals to Africa
In a significant move for the agricultural sector, Puna Bio, an Argentine startup specialising in ag biologicals, has secured a Series A funding round with substantial backing from the Gates Foundation, alongside other investors. This investment marks the Gates Foundation's first in an Argentine startup and will support Puna Bio's expansion beyond Latin America, particularly into Africa.
Puna Bio's expansion plans are ambitious and far-reaching. The company aims to bring its extremophile-based biofertilizers to new markets, with a primary focus on sub-Saharan Africa. This move is expected to increase agricultural productivity and sustainability in regions vulnerable to climate change.
In addition to its African expansion, Puna Bio will also focus on strengthening its market presence in regions such as the United States, Brazil, and Paraguay, leveraging its existing coverage of over 800,000 acres across these countries.
The funding will be used to advance regulatory approvals and commercialize its products in key growth markets, ensuring compliance with local standards and regulations. Moreover, the investment will aid Puna Bio in developing new products tailored to the specific needs of sub-Saharan Africa, such as new crops and their exact nutritional requirements.
The collaboration with the Gates Foundation will allow Puna Bio to test and adapt its technologies to local conditions, supporting sustainable food systems globally. Additionally, the company has partnered with Corteva Catalyst, providing it with access to a global agricultural network, enhancing its ability to scale and expand its biological inputs, which are seen as complements to Corteva's existing portfolio of biologicals.
Puna Bio's technology utilises extremophile microorganisms from Argentina's La Puna desert, which can enhance crop resilience to environmental stressors such as high temperatures and salinity. These microbes are integrated into non-GMO seed coatings that improve nutrient absorption and enhance crop quality, offering a sustainable alternative to traditional fertilizers and contributing to climate-resilient agriculture and supporting global food security initiatives.
The Gates Foundation's investment in Puna Bio is likely to be influenced by their extensive experience in designing tools for smallholder farmers in regions like sub-Saharan Africa and South Asia. The Foundation has a proven track record of effectively deploying solutions at scale to amplify the impact of such technologies cost-effectively, making them a valuable partner for Puna Bio's global expansion.
As Argentina, along with Colombia, Chile, and Paraguay, lead the region's uptake of ag biologicals, the possibility to scale global solutions arising from Latin America is a significant factor. With this investment, Puna Bio is poised to capitalise on this opportunity and make a meaningful contribution to the global agricultural sector.
Puna Bio plans to use the investment from the Gates Foundation to develop new products tailored for sub-Saharan Africa, focusing on technology that can help increase agricultural productivity and sustainability in regions vulnerable to climate change. The company also aims to leverage this investment to expand its technology globally, supporting sustainable food systems and contributing to global food security initiatives.
