Investment & Fund Management

Hein Kruyt, CEO of Solynta, faced significant challenges in the biotechnology sector, particularly in the development of hybrid potato seeds that could meet the diverse needs of various markets, including consumer, processor, and developing world markets. The company had spent a decade on selective breeding and phenotyping to create potato seeds with desirable traits such as improved shape, higher nutritional value, and enhanced resistance to drought, pests, and diseases. This extensive research was supported by EU research grants, but as Solynta transitioned from research to commercialization, they required substantial funding to scale up seed production and establish a supply chain.

To address these challenges, Solynta secured an important equity investment from Innovation Industries, a venture capital fund backed by the European Investment Fund (EIF) under the EU’s Investment Plan for Europe. This funding was crucial for preparing the company for the commercial launch of its hybrid potato seeds, which promised to revolutionize potato farming by drastically reducing the amount of seed needed for planting—from 2,500 kg of traditional tubers to just 25 grams of seed per hectare.

The anticipated benefits of this innovation are profound, particularly for farmers in regions facing severe malnutrition. The new seeds are expected to yield higher outputs while significantly lowering pesticide use, thus promoting better health and environmental sustainability. The emotional impact of this development was highlighted by a farmer in Uganda, who expressed hope for his family's future due to the potential increased yields from these hybrid seeds. Solynta's advancements not only aim to improve agricultural efficiency but also to enhance food security and health outcomes globally.