<article>Singapore-based global investment firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/temasek/">Temasek</a> has joined the $70-million Series B funding round for US agriculture startup Pivot Bio. The round was led by billionaires-backed <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/breakthrough-energy-ventures/">Breakthrough Energy Ventures</a>.</article>

Singapore-based global investment firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/temasek/">Temasek</a> has joined the $70-million Series B funding round for US agriculture startup Pivot Bio. The round was led by billionaires-backed <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/breakthrough-energy-ventures/">Breakthrough Energy Ventures</a>.
Following the capital infusion, the startup will launch Pivot Bio PROVEN, which it claims are the first and only nitrogen-producing microbes in the US. The new funding will also support expanded research and development for the company&#8217;s second-generation product, a seed treatment option, as well as overseas expansion.
As part of the deal, Cooper Rinzler of Breakthrough Energy and Dheeraj Mehta, a Director at Temasek, will join Pivot Bio&#8217;s board.
Pivot Bio’s seed and Series A investors included Data Collective VC, Monsanto Growth Ventures, Prelude Ventures and Spruce Capital Partners. The company had earlier received support from the Bill and Melinda Gates Foundation, the National Science Foundation, and the Defense Advanced Research Projects Agency.
Breakthrough Energy Ventures is a $1-billion fund created in 2016 by a group of billionaires including Bill Gates, Jeff Bezos, and Jack Ma.
&#8220;Breakthrough Energy Ventures is the perfect lead investor in Pivot Bio&#8217;s Series B funding. We both share a vision of a more sustainable food system and a commitment to a better planet,&#8221; said Karsten Temme, CEO and co-founder of Pivot Bio.
Due to the unique challenges of energy innovation, Breakthrough Energy Ventures provides flexible and patient capital with a 20-year horizon, in addition, to support in terms of scientific expertise. The fund invests across five areas of electricity, transportation, agriculture, manufacturing and buildings.
Meanwhile, in 2016, Temasek roped in John Vaske, a Goldman Sachs veteran, to oversee its American portfolio. Last year, the Singapore firm opened a second office in the US to tap the growing investment opportunities in the region.
The US accounted for the largest portion of Temasek’s new investments in the last fiscal year, including investments in DowDuPont and Boeing, according to the fund&#8217;s annual review.
Alongside an increasing appetite for the US market, Temasek is seen stepping up its allocation for telecoms, media and technology, especially clean tech.
In total, the new sectors of life sciences, agribusiness, non-bank financial services and consumer tech constitute 26 per cent of its portfolio, up from 5 per cent in 2011, according to the annual report.
Also read: 
<a href="https://www.dealstreetasia.com/stories/temasek-godrej-agrovet-astec-106687/">Temasek-backed Godrej Agrovet approves Astec LifeSciences merger</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/bill-gates-among-rich-individuals-backing-1b-energy-fund-60342/">Bill Gates, Jeff Bezos, Jack Ma, others back $1b clean energy fund</a>

The round was led by Breakthrough Energy Ventures, a $1-billion fund created in 2016 by a group of billionaires including Bill Gates, Jeff Bezos, and Jack Ma.

Temasek backs $70m funding round for US agri startup Pivot Bio

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Temasek backs $70m funding round for US agri startup Pivot Bio

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief