Food tech startup Pairwise raises $90 mn in Series B round

Pairwise, a Durham-based start-up food company that uses technology to break down the barriers that keep us from eating produce, announced the closing of its $90 million Series B funding round led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), a pioneering growth capital investor in food and agriculture technology. 

Existing investor Deerfield Management Company (Deerfield), Leaps by Bayer, and new investor Temasek also participated in the funding round.

Through the company’s unique use of CRISPR technology, Pairwise will help build a healthier world by introducing better fruits and vegetables with improved taste, enhanced convenience, increased shelf life, improved yield, simplified harvesting, or lengthened season availability, the statement said.

 “People see innovation all around them, except in the produce aisle. We will give consumers new options that make healthy eating easier and more exciting,” said Pairwise CEO Tom Adams. “With this additional funding from industry-leading investors, Pairwise is taking a bold step toward achieving our mission of building a healthier world.”

“Pontifax AgTech is pleased to co-lead this funding round for Pairwise, one of the leading companies using technology in food and agriculture today,” said Pontifax AgTech Co-Founder and Managing Partner Ben Belldegrun. “COVID-19 reinforces the importance of health and nutrition and Pairwise provides consumers with new options in their produce aisle. Our investment in Pairwise reflects our thematic focus on the convergence of biotechnology and agriculture and the use of CRISPR technology to improve health and nutrition in food and agriculture. We believe that the combination of Pairwise’s gene editing platform, plant breeding expertise, and consumer food understanding creates a powerful engine that will be a game changer.”

“Deerfield is pleased to co-lead and to expand our investment in Pairwise,” said Cam Wheeler, Deerfield Partner. “Deerfield focuses on curing disease and advancing healthcare. We believe a healthy diet is an important part of the equation and Pairwise’s products will do this by making healthy options more attainable and available.”

Pairwise has built a unique crop trait development platform, based on gene editing technology licensed from leading research organizations, including Massachusetts General Hospital (MGH) and the Broad Institute of MIT and Harvard (Broad Institute). The company was founded by CEO Dr. Tom Adams and Chief Business Officer Dr. Haven Baker, with co-founders Dr. David Liu, of Harvard University, Dr. Feng Zhang, of Massachusetts Institute of Technology, and Dr. J. Keith Joung, of Massachusetts General Hospital.

Pairwise announced $25 million in Series A funding in March 2018, led by Deerfield and what is now Leaps by Bayer, to develop its gene editing platform and initial product portfolio. At the same time, the company also announced a $100 million collaboration with what is now Bayer Crop Science to advance gene editing tools in corn, soybeans, wheat, canola and cotton. 

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