The Kharkiv company BioLab Ukraine, which specializes in the development of biological plant protection products, raised $12 million as part of the Series A round. The round was led by the American fund AgriTech Ventures.
The funds will be used to expand laboratory facilities currently located in Warsaw and Vienna, as well as for clinical trials of two new drugs based on microbial cultures.
The founder of the company Svyatoslav Morozov noted that the demand for ecological plant protection products in Europe is growing by 18-22% annually, which opens up significant opportunities for Ukrainian developers.
