Fire Awards: Finalist - Catalysts/investors
Since inking a partnership with the Donald Danforth Plant Science Center in 2018, the Wells Fargo Innovation Incubator (IN2) has placed a focus on elevating agtech startups in St. Louis. Its agtech incubator program has funded 21 companies, providing them up to $250,000 in non-dilutive funding for research at the Danforth Center. The early stage investments are paying off, with those firms attracting $94 million in capital and having an average growth rate of 57%. Combined, the 21 companies have 288 employees.
What was your company’s biggest achievement in the past year? As we begin the fourth year of the Wells Fargo Innovation Incubator (IN2) program at the Donald Danforth Plant Science Center, we are starting to see exciting commercial outcomes for our 16 alumni companies, in addition to the novel results generated by our research teams. For example, our past cohort companies have raised over $120 million in funding, since participating in the program. Also, two alumni, Terviva and CoverCress, recently closed lucrative deals with multinational agrifood corporations. The overarching objective of IN2 is to leverage the unparalleled expertise and resources of the Danforth Center to support promising agtech startups and speed their path to market. We are now witnessing the realization of that goal as our alumni enjoy burgeoning commercial success.
What is your company’s top goal for the next year? Our newest cohort comprises five early-stage companies targeting improved resilience of a variety of crops and production modes to emerging risks. We have assembled a globally renowned team of collaborating scientists to guide research and product development over the next year, and we are excited about the eventual scientific advancements and industry impacts. Furthermore, we are working to integrate participating companies into our regional innovation ecosystem, highlight the unique array of locally available resources, and emphasize the exceptional value proposition of St. Louis for agtech startups.
For links to profiles of winners and finalists in the 2022 Fire Awards and Startup Exit Awards, go here:
