SASKATOON - Canadian agriculture and food technology companies Terramera and Livestock Water Recycling emerged victorious to claim USD$1.25 million after the final pitching competition in the Nutrien-Radicle Challenge on October 1 and 2 in Saskatoon.
Terramera of Vancouver, BC, took home the US$1 million prize in the growth-stage category. The company develops high-performance natural alternatives to synthetic chemical pesticides and fertilizers and has pioneered a method to target active ingredients to cellular delivery.
"They put a lot of time into understanding what we're doing as a company," said Karn Manhas, founder and CEO of Terramera. "We had broad range of industry leaders serving as judges – all learning about your technology, learning about how to apply it and also giving some great feedback. We're looking at this not just as a source of dollars but of partnerships and advice and a platform to be able to build the company from where it is to the next level is really."
Livestock Water Recycling of Calgary takes home the US$250,000 prize in the early-stage category for their technology that segregates and concentrates manure nutrients into two valuable fertilizer products while recycling clean water for reuse.
"We have some big visions and this chunk of money can help us scale our manufacturing so we can be able to ship into the market more quickly and start to grow internationally with partners," said Karen Schuett, founder and CEO of Livestock Water Recycling. "And through our interaction with Nutrien and Radicle, we can turn this into something that really changes the game in our industry."
The Nutrien-Radicle Challenge Canada was created to encourage and accelerate ag and food technology innovation in Canada. More than 100 of Canada's most ambitious agriculture and food technology innovators applied, with eight finalists pitching to a panel of judges.
Growth stage entrants were required to have previously raised US$3 million in investment capital, while early stage entrants needed to have raised at least US$100,000 in investment capital, in kind capital, or have gone through an incubator or accelerator program.
"We were impressed with the vision, commitment, and enthusiasm we saw in the pitches of the finalists," said Chuck Magro President and CEO at Nutrien. "We congratulate Terramera and Livestock Water Recycling on their success. We're excited to continue supporting and exploring big visions, growth, and technology that supports farmers around the world."
"When we partnered with Nutrien to bring the Radicle Challenge to Canada, we hoped to discover and bring profile to agriculture and food technology entrepreneurs in this country," said Kirk Haney, Managing Partner, Radicle Growth based in San Diego. "We've been rewarded with more than 100 entries, including the truly outstanding enterprises that made our final eight. We were tasked with choosing the "cream of the cream" from the final pitches, and we congratulate Terramera and Livestock Water Recycling who rose to the top. All of our finalists are eminently investment-worthy, and we look forward to their future success."
Source : CISION