Tropic Biosciences Update

Agronomics Limited

19 March 2026

 

19 March 2026

Agronomics Limited

("Agronomics" or the "Company")

Tropic Raises $105 Million Series C to Scale Commercial Rollout of Gene-Edited Tropical Crops

Agronomics (LSE: ANIC), the leading listed company focused on clean food, is pleased to announce that its portfolio company, Tropic Biosciences UK Limited ("Tropic"), has raised US$ 105 million in a Series C financing round.

The proceeds will be used to accelerate the global commercial scale-up of Tropic's banana and rice portfolios and to advance its pipeline of climate-resilient crops. The round reflects growing global demand for resilient, sustainable food solutions, and Tropic's demonstrated ability to bring high-performance gene-edited crops to market efficiently.

The round was co-led by Forbion, through its Bioeconomy Fund, and Corteva, through its Corteva Catalyst investment platform, with significant participation from Just Climate and IQ Capital. The round was also supported by new investors ABN AMRO and Invest International, as well as existing investors Temasek, Five Seasons Ventures, Sucden Ventures, Genoa Ventures and Polaris Partners.

The announcement follows a milestone year in which Tropic launched the first new commercial banana varieties in more than 75 years, including a non-browning banana - named one of TIME Magazine's Best Inventions of 2025 - and an extended shelf-life variety that increases green life by an additional 12 days. These innovations are expected to increase field yields, enable new export routes and reduce transportation waste by up to 50 percent.

Tropic utilises its proprietary GEiGS® platform and other advanced gene-editing technologies to develop improved crops with increased disease resistance, higher yields and environmentally sustainable traits. The company's core crop portfolio focuses on banana and rice, which together provide a source of livelihood to billions of people worldwide.

By applying advanced genetic engineering, Tropic aims to address global agricultural challenges and deliver innovations that benefit farmers, consumers and the environment.

Jim Mellon, Executive Chairman of Agronomics, commented: "At Agronomics, we invest in companies that are developing technologies capable of transforming the way the world produces food for the better. As climate change and population growth place increasing strain on the global food system, innovative approaches are needed. Gene editing is one of the most powerful tools available to create high-value crops that are more resilient, sustainable and productive. Tropic has built a highly compelling platform and assembled an outstanding team, and we are delighted to see a cohort of other high-profile investors joining the company as it continues to scale its impact."

Agronomics first invested in Tropic in March 2020 and has subscribed a total of £2.3 million to date, which, subject to audit, is currently carried at approximately £2.19 million. This position represents around 1.6% of Agronomics' most recently reported Net Asset Value of £139.9 million as of 31 December 2025.  The fundraising is not expected to have a material impact on the carrying value of the Company's investment in Tropic.

The full announcement from Tropic is set out below, with no material changes:

Tropic Raises $105 Million Series C to Scale Commercial Rollout of Gene-Edited Tropical Crops

Norwich, UK - (12th March 2026) - Tropic, the global leader in gene‑edited tropical crops, today announces the close of its oversubscribed $105 million Series C financing to accelerate the global commercial scale up of its banana and rice portfolios, and advance its pipeline of climate resilient crops. The round reflects surging global demand for resilient, sustainable food solutions and Tropic's proven ability to rapidly and efficiently bring high performance gene‑edited crops to market.

The round was co-led by Forbion through its Bioeconomy Fund and Corteva, through its Corteva Catalyst investment platform, with significant participation from Just Climate and IQ Capital. The round was also supported by new investors ABN Amro and Invest International, and existing investors Temasek, Five Seasons Ventures, Sucden Ventures, Genoa Ventures and Polaris Partners who participated in the round. As part of the financing, Joy Faucher, General Partner at Forbion, Tom Greene, Senior Director at Corteva, and Siddarth Shrikanth, Director at Just Climate, will join Tropic's Board of Directors. Gustavo Bassetti, Rob Scott, Onno van de Stolpe and Alex Wilson will join as Board observers.

The financing follows a milestone year in which Tropic launched the first new commercial banana varieties in more than 75 years. These include a non-browning banana - named one of TIME Magazine's Best Inventions of 2025 - and an extended shelf life variety that lengthens green life by an additional 12 days, increasing field yields, enabling new export routes and reducing transportation waste by up to 50 percent.

Furthermore, Tropic greatly advanced its Panama Disease (TR4) resistant programme in 2025, with the shipment of plants to establish a mother plantation - supporting commercial deployment from 2027. Panama Disease (TR4) is fast-spreading, found in more than 20 countries globally, and represents an existential threat for the $25 billion dollar banana industry - threatening food security and farmers livelihoods.

Expanding global production to meet rising demand

With demand for its initial commercial products rapidly outpacing supply, Tropic will use the Series C capital to expand large‑scale plant production capabilities, strengthen global supply chains, and support commercial partnerships across major export markets.

The funding will also accelerate Tropic's pipeline of banana varieties, developed for natural resistance to devastating diseases such as TR4 and Black Sigatoka, and expand development across its rice portfolio, and support entry into additional high-impact crops to conquer global food supply challenges.

Executive commentary

Gilad Gershon, CEO of Tropic, said: "This funding is a powerful endorsement of our team's ability to bring breakthrough products to the hands of growers, exporters and consumers around the world. We are entering a new era, one where gene‑edited crops will significantly enhance food security and sustainability. 2025 proved that our technology delivers - not in the distant future, but right now. With two banana varieties already on the market and demand outstripping supply, this investment enables us to scale global production and expand into new crops faster than ever before. We are excited to be partnering with our new investors as we progress our mission to build a world leading tropical seeds company."

Joy Faucher, General Partner at Forbion, said: "Tropic is an exemplary case of how advanced biotechnology can be applied with precision to challenges in planetary health, starting with banana and rice. Escalating disease pressure, limited innovation and a lack of cost-effective solutions are driving a growing environmental and supply chain risk in our food systems.

Tropic has proven its leading position in addressing these threats by bringing its innovative technology to market and providing durable, scalable and resilient solutions to growers. We are proud to partner with an exceptional management team and a like-minded syndicate as Tropic scales commercially and builds a globally leading, category-defining seeds platform."

Tom Greene, Senior Director at Corteva, said: "Tropic's non-browning banana varieties are a promising example of how the agriculture industry is leveraging innovation to deliver new and improved choices for farmers and consumers worldwide. We're thrilled to support Tropic as we continue to advance our global portfolio of next-generation solutions to help farmers produce more food and feed, sustainably."

Siddarth Shrikanth, Director, Natural Climate Solutions at Just Climate, said: "Agriculture drives the majority of nature loss, and waste across food value chains is a meaningful contributor to global carbon dioxide and methane emissions. Based on a decade of breakthrough research, Tropic has developed crop varieties that are disease-resistant, higher-yielding, and hardier in transit to tackle the environmental footprint of our food system at its source. With the technology proven and the first products in market, the company is now at an inflection point. As growth investors supporting the commercial scale-up of transformative nature solutions, we look forward to partnering with the Tropic team and our co-investors to bring their resilient, sustainable tropical crops to growers worldwide."

 Alex Wilson, Partner at IQ Capital, said: "Tropic is exactly the kind of company we look to back at IQC - deep technology solving a massive real-world problem. Tropic's gene-editing platform addresses crops that have been essentially unimprovable through conventional breeding, and the results speak for themselves: two banana varieties launched, with strong demand from growers and exporters fuelling significant revenue growth. With TR4 posing an existential threat to a $25bn industry, the urgency behind Tropic's pipeline is only growing. We are delighted to be supporting Gilad and the team as they scale globally."

About Tropic

Tropic is a pioneering tropical seeds company dedicated to developing healthier, more robust and high-performing varieties of tropical crops. The company's core crop portfolio focuses on banana and rice, which together provide a source of livelihood to billions of people worldwide. Tropic utilises its proprietary GEiGS® platform and other advanced gene-editing technologies to develop improved crops with increased disease resistance, higher yields and environmentally sustainable traits. By applying advanced genetic engineering, Tropic aims to address global agricultural challenges and deliver innovations that benefit farmers, consumers and the environment.

About Agronomics

Agronomics is a leading London-listed company focused on investment opportunities within the field of cellular agriculture. The Company has established a portfolio of over 20 companies developing technologies that produce food and materials historically derived from animals, offering solutions for improved sustainability, human health, and food security.

A full list of Agronomics' portfolio companies is available at www.agronomics.im.

For further information, please contact:

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The Company	Nomad	Joint Broker	Joint Broker	Public Relations
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