Nutrien, one of the world's largest agriculture companies is buying Champaign startup and Serra Capital II company Agrible for $63 million.
Agrible originated in the Research Park at the University of Illinois and has plans to stay there in the future. Director Laura Frerichs said the purchase shows the strength of the local investing community, "This is a local success story for a tech ecosystem that included early-stage incubator assistance and investors from the local community."
Frerichs compared the purchase to when Sony bought biotech firm iCyt in 2010, which provided a nice payday for its CEO, Tim Hoerr, and one of its investors, Dennis Beard. This allowed Hoerr, Beard and others to form Serra Ventures, one of the lead investors in Agrible.
Serra is proud to have been the lead investor in Agrible's Seed round in 2014.