Gene editing & crops · Norwich, UK

Tropic

Gene-edited bananas and rice · formerly Tropic Biosciences · tropic.bio ↗

Uses gene editing to breed tropical crops that brown less, last longer or resist disease, starting with bananas.

Stage

Early commercial (step 5 of 6)

Non-browning and extended-shelf-life bananas have been on sale since 2025. It holds regulatory determinations in 11 countries, including the US, Canada, the Philippines, Japan and Brazil. In England, Defra confirmed the non-browning banana as precision bred (Jul 2026); it still needs Food Standards Agency authorisation. Acquired the propagation business Rahan Meristem in Jun 2026. A TR4 (Panama disease) resistant banana is due in 2027.^{[1] [2] [3] [4]}

Revenue

Early revenue

Products have been on sale since 2025, and Tropic says demand exceeds supply. Revenue is not disclosed. The Rahan Meristem deal brings an established 50-year-old propagation business (30m+ plants a year). Agronomics' investor reports disagree: Q1 2026 lists Tropic as revenue-generating, Q2 2026 does not.^{[1] [5] [4] [6] [7]}

Next Scale banana and rice volumes; launch the TR4-resistant banana in 2027.

Agronomics' holding

Fair value: £2.26m 30 Jun 2026
Portfolio weight: 2% 30 Jun 2026
Stake: 3% 30 Jun 2026
Invested: £2.30m since Mar 2020
Multiple: 0.98× −£39k
Per year: −0.3% all holdings
Last round: Series C 12 Mar 2026 · 8 months ago

Carried at the Series C price: £2.26m, against £2.30m invested.

Sources^[7]

Investments

What Agronomics put in, at the sterling cost it carries
Date	Cost	Round
31 Mar 2020	£2.30m	US$3m Series B^{[8] [9]}

Approvals & markets

Approved

Japan · 10 Apr 2026^{[1] [2]}

Import, sale and consumption of non-browning banana
Approved

Brazil · 10 Apr 2026^{[1] [2]}

Non-browning banana, including local cultivation
Approved

USA, Canada, Philippines + others^[1]

Regulatory determinations or exemptions for banana products (11 countries in total)
Approved

England (Defra) · 17 Jul 2026^[3]

Non-browning banana confirmed as precision bred; FSA authorisation still needed before sale

HQ: United Kingdom
Selling in: Colombia^[4], Costa Rica^[4], Ecuador^[4], Philippines^{[4] [1]}, Israel^[4]
Cleared in: United States^[1], Canada^[1], Japan^[1], Brazil^[1]

Timeline

17 Jul 2026Regulatory

Confirmed as precision bred in England^[3]

Defra confirmed the non-browning banana's precision-bred status (published 25 Sep 2026). It still needs Food Standards Agency authorisation before it can be sold in England.
25 Jun 2026Corporate

Acquires Rahan Meristem for US$20m^[4]

Plant tissue-culture and propagation specialist (mainly Cavendish banana seedlings) with operations in Colombia, Costa Rica, Ecuador, the Philippines and Israel.
10 Apr 2026Regulatory

Approvals in Japan and Brazil^{[1] [2]}

Approved for the non-browning banana. Brazil also allows local cultivation.
19 Mar 2026Funding

US$105m Series C^{[10] [5]}

Co-led by Forbion and Corteva Catalyst, with Temasek, Just Climate and others. It will fund scaling up bananas and rice.
2025Commercial

Non-browning banana launched commercially^[1]

Described as the first new banana variety in more than 75 years. An extended-shelf-life banana has also launched.

Sources

Tropic's non-browning banana secures approvals in Japan and Brazil Tropic · 10 Apr 2026
Tropic's non-browning banana receives regulatory approval in Japan and Brazil Agronomics Limited (RNS) · 14 Apr 2026
Precision bred organism marketing notice (reference: PBM/26/MUAC/001) Defra · 25 Sep 2026
Tropic acquires Rahan Meristem Agronomics Limited (RNS) · 25 Jun 2026
Tropic closes US$105m Series C Tropic · Mar 2026
Q1 2026 Investor Report Agronomics Limited · 20 May 2026
Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
Subscription of US$2,999,996 in Tropic Biosciences Agronomics Limited (RNS) · 31 Mar 2020
Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
Tropic raises US$105m Series C Agronomics Limited (RNS) · 19 Mar 2026