Gelderland, the Netherlands-based Solynta, a biotechnology company that specialises in hybrid potato breeding, has secured €20M venture debt financing from the European Investment Bank (EIB).
The EIB backing is supported under the European Commission’s InvestEU programme.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery.
Fund utilisation
The Dutch company will use the funds to accelerate the development of potato varieties with enhanced resistance to disease and resilience to climate change.
Additionally, the company will use the EIB support for its research into the use of true potato seeds instead of traditional tubers for cultivation.
“Climate action and adaptation are at the heart of our financing, as is the successful scaling up of innovative European companies so that they grow and thrive. The Solynta operation is a win-win in that sense,” says EIB Vice-President Gelsomina Vigliotti. “Potatoes are a food staple around the world, making sure that they can grow in increasingly difficult climates and with higher chances of a good yield is extremely important.”
Solynta: Specialised in true potato seeds
Led by Peter Poortinga, Solynta is a seed company and specialised in the development of true potato seeds.
The company is driven by the mission to improve food security and sustainability through innovative breeding technologies.
The Dutch company’s breeding method, which excludes genetically modified organisms (GMOs), can adapt potato characteristics relatively quickly to different needs, including resistance to diseases such as late blight, a destructive fungal illness, and adaptation to climate change.
As a result, the company’s potato varieties contribute to the United Nations sustainable-development goals (SDGs) such as ending poverty and hunger and promoting responsible consumption and production.
True potato seeds, unlike larger and heavier tubers, don’t spoil during transportation and long-term storage for the next crop season, boosting the chances of a successful harvest and enhancing global food security.
Through proven hybrid breeding technology, Solynta has been able to create more robust potato varieties that require much fewer crop protection inputs.
“With this significant contribution from the EIB, we are well-positioned to meet growing demand for new, robust potato varieties,” says Solynta Chief Executive Officer Peter Poortinga. Potato growers around the world need access to disease-free starting material with strong resistance against diseases like late blight. With our new potato varieties, propagated via true seeds instead of the traditional tubers, we bring new varieties to the market that require fewer chemicals for crop protection and help improve global food security, particularly for local communities.”
